Freelancers have no employer match or auto-enrollment, but a Solo 401(k) lets you contribute as both employee and employer—up to $72,000 in 2026. We compare the top providers by fees, Roth support, loans, and investment flexibility, with Fidelity as our best overall pick.
If you're self-employed, nobody is auto-enrolling you into a retirement plan or tossing in a 3% match. The retirement-savings gap for freelancers and solo entrepreneurs is real—but a Solo 401(k) is one of the most powerful tools available to close it, because you can contribute as both the employee and the employer in a single account.
For 2026, the total contribution limit is $72,000, or $80,000 if you're 50–59 or 64+, and $83,250 if you're 60–63 (thanks to catch-up provisions).3 That's dramatically higher than a standard IRA, and for higher earners it can beat a SEP IRA too, because the dual employee-plus-employer structure lets you stash more at the same income level.1
To qualify, you need self-employment income and no full-time employees (a working spouse is fine, and part-timers under 1,000 hours don't disqualify you).3
When shopping for a Solo 401(k) provider, the key dimensions are:
Fidelity ranks as the top Solo 401(k) provider per Investopedia's analysis of 14 providers across 21 criteria.1 There are no account fees or minimums, you get access to 3,300+ no-transaction-fee (NTF) mutual funds, and Roth contributions are supported.1 The main drawback: no loan provision.1 If you want a free, straightforward plan with a massive fund menu and Roth flexibility, this is the default choice.
Schwab also charges no setup or maintenance fees and offers 4,000+ NTF funds, with Roth support but no loans.1 It's essentially tied with Fidelity on cost; the choice may come down to which fund family and brokerage platform you prefer.
ETRADE is the standout among free prototype plans if you want both Roth and loan access, plus commission-free stock and ETF trades.1 If borrowing against your balance matters to you, ETRADE is the pick among the no-fee options.
Rocket Dollar offers checkbook control over a self-directed Solo 401(k), meaning you can invest in real estate, private equity, crypto, and other alternatives directly. The trade-off is cost: $600 setup plus $40/month.1 If your retirement strategy goes beyond stocks and bonds, this is the route.
For full customization—including mega backdoor Roth contributions and other advanced strategies—MySolo401k charges $525 setup plus $125/year.2 Other non-prototype options include Nabers ($499 setup / $348 year), IRA Financial ($999 / $399 year), and Ubiquity ($285 / $228 year).2 These plans cost more but unlock features the free prototype plans can't offer.
For higher earners, a Solo 401(k) generally allows larger contributions than a SEP IRA because you can make both the employee deferral ($23,000 in 2026) and the employer profit-sharing contribution (up to 25% of compensation), whereas a SEP IRA only allows the employer-side contribution.1 At lower income levels the difference narrows, and a SEP IRA may be simpler to set up—but if you want to max out, the Solo 401(k) wins.
Beyond choosing a provider, two adjacent tools help freelancers build the full retirement-planning workflow:
QuickBooks Solopreneur tracks Schedule C income and estimates quarterly taxes—essential for calculating your employer-side Solo 401(k) contribution, which is based on net self-employment income. If you don't know your exact profit, you can't optimize your contribution.
Stripe Atlas handles company formation, banking, and tax setup for founders. For freelancers who incorporate (LLC or S-corp) to qualify for or maximize Solo 401(k) contributions—particularly S-corp owners who can pay themselves a W-2 salary and base employer contributions on that salary—this simplifies the legal and financial plumbing.
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