Self-Employed Retirement Calculator
SEP-IRA vs Solo 401(k) vs SIMPLE IRA vs Traditional IRA — all four computed side by side for your exact 1099 income. See max contribution, immediate tax savings, projected balance, and monthly retirement income before you decide which account to open.
Your situation
Projection settings
Solo 401(k) Roth election (employee portion)
Roth = no deduction now, tax-free withdrawals later. Employer profit-sharing always pre-tax.
SE Tax (15.3%)
$11,304
Half-SE deduction
$5,652
Net SE compensation
$74,348
All four accounts compared
SEP-IRA
25% of net SE compensation, max $69,000 (2024)
Tax saved
$5,204
Projected
$1.9M
Mo. income
$6,487
Traditional only — no Roth SEP-IRA option
Solo 401(k)
Employee: up to $23k + employer: 25% of net SE comp, total max $69k
Tax saved
$11,644
Projected
$4.1M
Mo. income
$13,729
Employee + employer portions are pre-tax (Traditional). Roth option available for employee deferral.
SIMPLE IRA
Employee: up to $16k + 2% employer non-elective
Tax saved
$4,896
Projected
$1.8M
Mo. income
$6,140
Traditional only — no Roth SIMPLE IRA. Must open before Oct 1 of the plan year.
Traditional IRA
$7k max; deductibility may be limited if you have another workplace plan
Tax saved
$1,960
Projected
$852k
Mo. income
$2,838
Roth IRA alternative: $7k max, no deduction now, tax-free withdrawals in retirement. Phases out at $146k–$161k (single, 2024).
Solo 401(k) vs SEP-IRA — the key difference
At lower income levels (under ~$150k net SE income), the Solo 401(k) wins because the employee elective deferral ($23,000) is on top of the 25% employer portion. The SEP-IRA only allows the 25% employer contribution. At very high income (near $276k+), both hit the $69,000 cap and become equal. SIMPLE IRA has lower limits but minimal admin — no annual Form 5500 required. Traditional IRA is a backup if you don't qualify for the others or already max them out.
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