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Anyone with earned income can open an IRA at almost any brokerage. For 2026, the contribution limit is $7,500 (plus a $1,100 catch-up if you’re 50 or older, so $8,600). A Roth IRA isn’t deductible but grows tax-free — great while your income is low — though it phases out at higher incomes (for 2026, a $153,000–$168,000 range for single filers, $242,000–$252,000 married filing jointly). A Traditional IRA is deductible if you’re not covered by a workplace plan, which most gig workers aren’t.
A SEP-IRA is built for the self-employed. You can contribute up to the lesser of 25% of compensation or $72,000 for 2026 — and for someone self-employed, the math works out to roughly 20% of your net earnings. Contributions are tax-deductible (taken on Schedule 1, not Schedule C). It’s simple to open and has no yearly paperwork, which makes it a popular first "real" retirement account for solo earners.
A Solo 401(k) (the IRS calls it a "one-participant 401(k)") is a traditional 401(k) for a business owner with no employees — just you (and optionally a spouse). You contribute in two roles: as the "employee" you can defer up to $24,500 for 2026, and as the "employer" you can add more, up to a combined $72,000 total (plus an $8,000 catch-up at 50+). That two-sided structure lets you save a lot in a good year without being forced to in a slow one.
The honest catch with variable income is when to contribute. The move that works: treat retirement like the tax you already set aside — skim a small slice of your good weeks into the account, instead of trying to write one big check at year-end you may not have.
Yes — several. Anyone with earned income can open an IRA, and self-employed workers can also open a SEP-IRA or a Solo 401(k), both designed for people with no employer plan.
Up to $7,500 in an IRA ($8,600 if 50+). A SEP-IRA allows up to the lesser of 25% of compensation or $72,000. A Solo 401(k) allows a $24,500 employee deferral plus employer contributions up to a $72,000 combined total ($8,000 more at 50+).
SEP-IRA and Solo 401(k) contributions for the self-employed are deductible (taken on Schedule 1). A Traditional IRA is deductible if you’re not covered by a workplace plan; a Roth IRA isn’t deductible but grows tax-free.
A SEP-IRA is simpler with no annual paperwork. A Solo 401(k) lets you contribute more at the same income (because of the employee deferral) and gives more control year to year, which suits an income that swings.
Both the SEP-IRA and Solo 401(k) let you decide how much to contribute each year, so you can put in more during good stretches and little or nothing during slow ones. Skimming small amounts from your better weeks beats one big year-end check you might not have.
It doesn’t open the account for you, but it shows the slack to fund it: Breadmaxxer tracks your income and what’s safe to spend, so you can skim a slice of your good weeks toward retirement without shorting next week. Free to start.