## The Best Retirement Accounts for Creators

No employer 401k? No problem. Here are the 4 best retirement accounts for self-employed creators—SEP-IRA, Solo 401k, and more.

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#### The Best Retirement Accounts for Creators

This week in the Discord, we had a financial advisor cover the best retirement account options for self-employed creators. Missed the conversation? [Join the Discord to watch the replay.](https://link.trykarat.com/DiscordNL)

#### Best Retirement Accounts for Creators:

- **• SEP-IRA (Simplified Employee Pension)** \- contribute up to 25% of net self-employment income, max $69,000 in 2024. Easy to set up. Great for high earners.
- **• Solo 401(k)** \- contribute as both employer and employee. Max contribution $69,000 in 2024 ($76,500 if over 50). Best option for most self-employed creators.
- **• Roth IRA** \- contribute after-tax dollars, withdrawals in retirement are tax-free. Max $7,000/year in 2024 ($8,000 if over 50). Income limits apply.
- **• Traditional IRA** \- contribute pre-tax dollars, pay taxes in retirement. Same contribution limits as Roth.

#### Which Account is Right for You?

- **• If you’re just starting out** and your income is inconsistent - start with a Roth IRA. Low contribution limits make it manageable.
- **• If you’re making $50k+ per year** as a creator - open a Solo 401(k). The contribution limits are much higher.
- **• If you’re making $100k+ per year** \- max out your Solo 401(k) first, then contribute to a Roth IRA if income limits allow.
- **• Start NOW.** The earlier you start, the more compound interest works in your favor. Even small contributions matter.