Fidelity benchmarks · FI number · SS estimate · Solo 401k tips · client-side

freelancer retirement calculatorretirement gap calculatoram I saving enough retirementFI number calculatorretirement readinessself employed retirementSolo 401k SEP IRA

//// Financial · Retirement Planning

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.

Where this fits

📈 Investing & Wealth Going 1099 Retirement Plan Freelancers Founders

This tool lives inside Going 1099 + Retirement Plan and is most useful for freelancers and founders.

401(k) Limit 2024$23,000(+$7,500 catch-up 50+)

Roth IRA Limit$7,000(MAGI phase-out applies)

S&P 500 Avg Return~10%/yr(nominal, historical)

Your Situation

Current age

Target retirement age

Current retirement savings

Annual income

Annual retirement contributions

Annual living expenses (retirement)

Expected annual return %

Significantly Behind

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

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.

Current savings growth to retirement

FV = currentSavings × (1 + r)ⁿ

$45,000 × (1 + 7%)^30 = $342,551

= $342,551

Future value of current savings assuming no additional contributions

Future value of ongoing contributions

FV = PMT × [(1+r)ⁿ − 1] / r

$6,000/yr × [(1.07)^30 − 1] / 0.07

= $566,765

Contribution growth assumes contributions are made at end of each year

Projected balance at retirement

Current savings growth + contributions growth

Projected at age 65: $909,316

= $909,316

FI number (without Social Security)

Annual expenses × 25 (4% safe withdrawal rate)

$72,000 × 25 = $1,800,000

= $1,800,000

The 4% rule: you can withdraw 4% of a portfolio per year with ~95% survival over 30 years

Trinity Study (Bengen, 1994)

Estimated Social Security benefit

Simplified AIME → PIA formula

~$2,327/mo at age 65 ($27,920/yr)

= $2,327/mo

Rough estimate only — actual SSA benefit depends on full 35-year earnings record. Use ssa.gov for exact figures.

SSA OASDI benefit formula

Adjusted FI number (with SS)

(Annual expenses − SS income) × 25

($72,000 − $27,920) × 25 = $1,101,995

= $1,101,995

Social Security reduces how much you need to save — every $1k/yr in SS saves $25k in required savings

Retirement gap

Adjusted FI number − projected balance

$1,101,995 − $909,316 = $192,679

= $192,679 shortfall

You need to save an additional $192,679 by retirement

Monthly contribution to close gap

Solve PMT so FV = FI number

Need $670/mo vs current $500/mo

= $670

Increase contributions by $170/mo to get on track

#ShowYourWork

You might also need

Retirement Savings Calculator

Find out if you're on track to retire comfortably. See your projected balance, inflation-adjusted income, and exactly how much more to save each month to close any gap.

Try it

Freelance Savings Rate Calculator

Calculate how much to save each month across 4 buckets: tax reserve (SE + federal + state), retirement (SEP-IRA up to $69k), emergency fund, and equipment reserve. Get a recommended savings rate and monthly take-home.

Try it

Self-Employed Retirement Account Calculator

Side-by-side comparison of SEP-IRA, Solo 401(k), SIMPLE IRA, and Traditional IRA for 1099 workers. Enter your net SE income to see max contribution, immediate tax savings, projected balance at retirement, and monthly income at 4% withdrawal — for all four accounts simultaneously.

Try it