Freelancer Retirement Gap Calculator
On Track, Slightly Behind, or Significantly Behind? Fidelity benchmarks, FI number, Social Security estimate, and monthly catch-up contribution to close the gap.
Your Situation
You have $45,000 saved. Fidelity's benchmark for age 35 is $180,000 (2.0× income).
Projected at retirement
$909,316
at age 65
FI number (w/ SS)
$1,101,995
what you need to save
Gap (shortfall)
$192,679
need to close gap
SS estimate
$2,327/mo
rough estimate — check ssa.gov
Monthly needed
$670
to reach FI number
Years to retirement
30
at 7% return
Increase monthly contributions by $170 to get on track
You're currently saving $500/mo. To close your $192,679 gap by age 65, you'd need to save $670/mo. As a freelancer, consider a Solo 401(k) — you can contribute up to $69,000/yr (2024) as both employee and employer.
Fidelity Retirement Benchmarks
| Age | Fidelity target | Your projection | Status |
|---|---|---|---|
| Age 30 | $90,000(1×) | $45,000 | Behind |
| Age 40 | $270,000(3×) | $97,619 | Behind |
| Age 50 | $540,000(6×) | $274,931 | Behind |
| Age 60 | $720,000(8×) | $623,729 | Behind |
| Age 67 | $900,000(10×) | $1,053,496 | On track |
Fidelity benchmarks: 1× salary by 30, 3× by 40, 6× by 50, 8× by 60, 10× by 67. Your target amounts are based on your $90,000 annual income.
Freelancer Retirement Account Options
- •Solo 401(k): Contribute up to $69,000/yr (2024) — employee portion ($23,000) + employer portion (25% of net self-employment income). Best for high earners.
- •SEP-IRA: 25% of net self-employment income, up to $69,000/yr. Simpler admin than Solo 401(k). No catch-up contributions.
- •Roth IRA: $7,000/yr ($8,000 if 50+). Tax-free growth. Income limits apply.
- •Catch-up contributions: Age 50+: additional $7,500 in Solo 401(k). Age 60–63: additional $11,250 under SECURE 2.0.
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