SEP IRAs let freelancers sock away up to $70,000 per year — way more than a traditional IRA. We compared the top providers across fees, minimums, and investment flexibility to find the best fit for every type of solo earner.
If you're a freelancer, you know the drill: no employer match, no 401(k), no one handing you a retirement plan on a silver platter. You have to build your own.
Enter the SEP IRA (Simplified Employee Pension IRA). It's a tax-advantaged retirement account designed specifically for self-employed people, freelancers, and small business owners. The big draw? You can contribute up to 25% of your net earnings from self-employment, capped at $69,000 for 2024 and $70,000 for 2025.2 That's orders of magnitude more than the $7,000 limit on a traditional or Roth IRA.
A SEP IRA is a tax-advantaged retirement plan for anyone who is self-employed, owns a business, or earns freelance income.3 Contributions are tax-deductible, and the money grows tax-deferred until withdrawal.
Below, we break down the best SEP IRA providers for freelancers — from the do-it-yourself crowd to those who want a fully automated experience.
| Provider | Best For | Fees | Account Minimum |
|---|---|---|---|
| Fidelity Investments | Overall / DIY | $0 commissions, no account fees | $0 |
| Vanguard | Low-cost index fund investing | Low expense ratios (0.03%–0.10%) | $0 for SEP IRA |
| Wealthfront | Hands-off robo-advising | 0.25% annual advisory fee | $500 |
| SoFi Invest | Hybrid (automated + human advisors) | 0% for self-directed; 0.25% for automated | $0 |
| Charles Schwab | Traditional brokerage with great service | $0 commissions, no account fees | $0 |
Fidelity consistently tops the list of best SEP IRA providers, and for good reason.1 There are zero account minimums, zero commission fees on stocks and ETFs, and a massive library of no-transaction-fee mutual funds. For freelancers who want full control over their investments without paying a dime in account maintenance, Fidelity is the clear winner.
You get access to robust research tools, retirement planning calculators, and educational content — all without a sales pitch. Whether you want to buy individual stocks, build an ETF portfolio, or pick target-date funds, Fidelity gives you the full toolkit.
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Vanguard is the gold standard for passive, long-term index fund investing. Their SEP IRA has no account minimum (most Vanguard mutual funds require a $1,000 minimum, but the SEP IRA itself is free to open), and their expense ratios are famously low — think 0.03% for VTI (Total Stock Market ETF) or 0.04% for VOO (S&P 500 ETF).
If your freelancer strategy is "set it and forget it" with a three-fund portfolio of low-cost index funds, Vanguard is the most cost-efficient choice over decades of compounding. The trade-off: the website and app feel a bit dated, and customer service can be slow during peak season.
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Not everyone wants to pick stocks or rebalance portfolios. If you'd rather set your risk tolerance and let a robot do the work, Wealthfront is the best robo-advisor for a SEP IRA.1
Wealthfront charges a 0.25% annual advisory fee (no trading commissions), and it automatically handles portfolio construction, rebalancing, and tax-loss harvesting — a feature that can add meaningful after-tax returns for higher earners. The minimum to open is $500.
The portfolio is built from low-cost ETFs, and you can customize with individual stock holdings or direct indexing at higher balances. It's a great middle ground for freelancers who want professional-grade portfolio management without hiring a human advisor.
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SoFi Invest offers something unique: you can go fully self-directed with zero fees, or opt for their automated investing product (also 0.25% annual fee) and get access to certified financial planners (CFPs) as a perk.1
For freelancers who want a bit of both worlds — automated portfolio management plus the ability to ask a human a question about tax strategy or retirement planning — SoFi is a compelling option. There's also no account minimum, making it accessible even if you're just starting your freelance business.
SoFi's broader ecosystem (banking, loans, insurance) means you can manage multiple financial products in one app, which some freelancers find convenient.
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Charles Schwab rounds out our list as a rock-solid traditional brokerage. Like Fidelity, they offer $0 commissions on stocks and ETFs, no account minimums, and a huge selection of no-transaction-fee mutual funds.
Where Schwab shines is customer service. If you're a freelancer who values being able to call and talk to a knowledgeable human being without waiting on hold for 30 minutes, Schwab consistently earns top marks in customer satisfaction surveys. They also have physical branches if that matters to you.
The Schwab SEP IRA is straightforward, no-frills, and reliable — exactly what many freelancers want.
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Here's a quick decision framework:
All five providers are excellent. The "best" one depends entirely on how involved you want to be in managing your investments.
We evaluated SEP IRA providers based on three criteria that matter most to freelancers:
Every provider above scores well on all three. We excluded providers with high account minimums, excessive fees, or limited investment options.
Some of the links in this article are affiliate links. If you open an account through one of these links, we may earn a small commission at no extra cost to you. We only recommend products we've vetted and would use ourselves.
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