Episode 6. Self employed 401K and retirement strategies for freelancers and indie workers

Retirement Plans for Self-Employed Workers

When it comes to retirement, many freelancers write it off as a pipe dream. Finding eligible and friendly retirement options can be challenging for self-employed workers. We help you understand how an independent worker can open a 401k and some of the best retirement options for self-employed workers.

To build your wealth and squirrel away some money for when you get old, you need to start young.

Eddie Pastor, Opolis co-founder


How to open a 401k as an independent worker

Opolis has a group plan managed by Slavic that helps you get a 401k as an independent worker. When onboarding with Opolis, indicate that you would like to contribute to a 401k, and we will submit some paperwork on your behalf to the 401k provider. A dedicated representative will reach out to answer any questions and get the plan customized the way you want. The representative will inform you about the different investment options available to you. You can be as hands-on or hands-off as you want with your 401k. Once you set up the amount you want to contribute, the amount will be deducted from your paycheck or billed to your company, depending on your preferences.


How to contribute to your retirement with crypto

For eligible and friendly retirement options, Opolis refers people to Rocket Dollar. They have a way to contribute to a retirement plan with crypto. But there’s more to it! It’s not a 401k, and it’s not a straightforward 401k plan, but Rocket Dollar has figured out a way for you to invest crypto for retirement. If you are interested in crypto for your retirement, let the Opolis team know when you sign up. We will refer you to Rocket Dollar and give you a discount code.


How an independent worker can open a 401k without an employer

You can’t access a traditional group 401k plan like the one we have, which is managed and somewhat does everything you would do if you worked for a company. You might be able to find certain options, like a solo 401k. There are a few details and maybe even other retirement products to consider. The benefit of Opolis is that you get that traditional employer 401 k plan.


Can freelancers open a Roth IRA?

Freelancers can open a Roth IRA using their registered company. An Individual Retirement Account (IRA) is a reasonably easy option for freelancers to start saving for retirement because you may register an account even if you don’t have employees. An advantage of Roth IRA is that you don’t pay taxes on this investment until retirement. 

Listen to the full episode on retirement plans for freelancers and more on Opolis.co/podcast.

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