10 Retirement Planning Tips for Self-Employed Individuals in the Kent, Sussex, and Salisbury Area

If you're your own boss in Kent, Sussex, or Salisbury, you already know the freedom and fulfillment that come with being self-employed. But when it comes to retirement planning? That freedom can feel more like a challenge.

Unlike traditional employees, you don’t get automatic perks like employer-sponsored 401(k) plans or matching contributions. You’re steering the ship entirely—and that includes navigating your future financial security.

At B.I.G. Investment Services, we work with self-employed professionals across the region—consultants, contractors, small business owners, freelancers, creatives, and more—who want clarity and control over their retirement strategy. And we’re here to help you feel confident, not confused.

Whether you're just getting started or want to fine-tune your long-term plan, these Retirement Planning Tips for Self-Employed Individuals will guide you toward the best path for your future.

Why Retirement Planning Looks Different When You're Self-Employed

Before we dive into the tips, let’s get real about what makes retirement planning for self-employed individuals so unique:

• No Employer Match: You’re your own matchmaker. That’s a double-edged sword—you have to contribute more, but you also have complete flexibility.

• Irregular Income: Freelancers and small business owners often deal with feast-or-famine pay cycles. That can make consistent saving a challenge.

• Wearing All the Hats: You’re CEO, CFO, and HR. Retirement planning can easily take a backseat to more immediate business needs.

• Unlimited Potential: On the bright side, you have access to high-contribution retirement plans that most employees don’t.

Now let’s get into 10 practical, powerful retirement tips to help you build wealth, gain peace of mind, and retire on your own terms.

Retirement Planning Tips for Self-Employed Individuals

1. Start With a Budget and a Retirement Goal

You can’t hit a target if you don’t know what you’re aiming for.

✔️Determine how much you need to retire comfortably based on your lifestyle goals.

✔️Use retirement calculators to estimate your future expenses.

✔️Factor in inflation, healthcare, and longevity.

Once you know your number, you can reverse-engineer a plan to get there.

2. Open a Solo 401(k) – Perfect for High Earners

A Solo 401(k) (also called an Individual 401(k)) is one of the best retirement options for self-employed individuals—especially if you don’t have any employees.

Perks:

✔️Contribute as both employer and employee (up to $69,000 in 2024 if over age 50).

✔️Potential for Roth contributions.

✔️Offers loan provisions if needed.

Bonus: Solo 401(k)s are ideal for consultants and freelancers who want to maximize contributions while minimizing tax liability.

3. Consider a SEP IRA – Simple, Flexible, and Tax-Friendly

The Simplified Employee Pension (SEP) IRA is another go-to for the self-employed, especially for those with variable income.

Highlights:

✔️Easy to set up and maintain.

✔️Contributions are tax-deductible.

✔️Can contribute up to 25% of your net self-employment income (up to $66,000 in 2024).

Just note: If you have employees, you must contribute the same percentage to their accounts as you do to your own.

4. Look Into a SIMPLE IRA – Best for Small Business Owners With Employees

The Savings Incentive Match Plan for Employees (SIMPLE) IRA is a great option if you have a small team.

Why consider it:

✔️Lower administrative costs than 401(k)s.

✔️Employee contributions allowed (up to $16,000 for 2024).

✔️Employer match or non-elective contributions required.

It strikes a balance between helping employees save and keeping things manageable on your end.

5. Automate Your Contributions—Even If They’re Small

Saving for retirement doesn't always require large lump sums. What matters most is consistency.

Tips:

✔️Set up automatic transfers to your retirement plan on a monthly or quarterly basis.

✔️Use percentage-based saving (e.g., save 10-15% of every invoice).

✔️Treat your retirement account like a non-negotiable business expense.

Consistency builds momentum—even with fluctuating income.

6. Use a Roth IRA to Add Tax-Free Flexibility

If you qualify based on income, a Roth IRA can offer major long-term tax benefits.

✔️Contributions are after-tax, but withdrawals in retirement are tax-free.

✔️Great for those early in their career or expecting a higher income later.

Even if you max out a SEP or Solo 401(k), you may be eligible to contribute to a Roth (or do a backdoor Roth conversion).

7. Diversify Your Retirement Portfolio

Don't put all your future eggs in one investment basket.

✔️Combine different account types (Roth, traditional, taxable).

✔️Mix asset classes (stocks, bonds, ETFs).

✔️Rebalance periodically to stay aligned with your risk tolerance and timeline.

A diversified portfolio helps manage market fluctuations and adds flexibility later.

8. Track and Adjust Your Strategy Annually

As your income grows or your lifestyle changes, your retirement strategy should grow with you.

Annual check-ins help you:

✔️Reassess your contributions.

✔️Adjust your plan if tax laws or limits change.

✔️Track progress toward your goals.

This is where having a financial advisor really makes a difference—hello, B.I.G. Investment Services 👋

9. Maximize Deductions and Tax Benefits

Retirement plans for the self-employed often come with significant tax advantages.

✔️Contributions to SEP IRAs and Solo 401(k)s reduce taxable income.

✔️Roth accounts allow for tax-free growth and withdrawals.

✔️Your advisor can help you balance pre-tax and post-tax options for maximum efficiency.

A solid strategy can save you thousands over time—and keep more in your pocket now.

10. Partner With a Trusted Financial Advisor

This might be the most important tip of all. Navigating self-employed retirement strategies isn't something you should have to do alone.

What a Financial Advisor Can Do for You?

✔️Analyze Your Options: With so many choices (Solo 401(k), SEP IRA, SIMPLE IRA, etc.), an advisor can help you determine the best retirement options for self-employed individuals based on your income and goals.

✔️Create a Custom Savings Strategy: They’ll tailor a plan to fit your unique cash flow patterns, ensuring you consistently build your retirement fund, even with variable income.

✔️Optimize Tax Benefits: Advisors understand the contribution rules and tax advantages of each plan and can help you maximize savings while minimizing taxes.

✔️Monitor and Adjust Plans: Retirement planning is not a one-time event. Your advisor will review your plan regularly, making adjustments based on changes in income, tax laws, or market conditions.

At B.I.G. Investment Services, we specialize in retirement planning for self-employed individuals in Kent, Sussex, and Salisbury. We’ll meet you where you are, provide retirement tips for self-employed, explain everything in plain language, and help you make confident decisions about your future.

Retirement Planning Kent Sussex Salisbury – You’ve Got Local Support

Being self-employed can sometimes feel like a solo journey—but planning for retirement doesn’t have to be.

If you’re ready to:

• Explore self-employed retirement plans

• Build a personalized savings strategy

• Maximize tax advantages and protect your future

Let B.I.G. Investment Services help you get there. Whether you live in Kent, Sussex, or Salisbury, our team is here to serve your long-term financial goals with professionalism and a personal touch.

Schedule your no-obligation consultation today and let’s create your ideal retirement plan—together.

Disclaimer:

Investing in securities involves risks, including the potential for loss of principal. There is no guarantee that any investment plan or strategy will be successful. Boothe Investment Group, Inc. does not provide tax or legal advice. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.