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Ditching my traditional 9-to-5 job for freelancing came with a myriad of worries, including losing health insurance and a stable paycheck. But despite only being 28 years old, my retirement plans were among my top concerns.

I’ve spent the last several years of my journalism career reporting on personal finance and investing. So while retirement may be decades away, it’s often on my mind.

For most of my professional life, I’ve had the privilege of a 401(k) with an employer match. Now that I’m stepping away from an employer-sponsored retirement plan, I need to save for my future on my own. I spoke with experts about what steps I — and other freelancers — should take.

1. Determine what I can contribute

Different types of retirement savings accounts have different contribution limits, so I need to determine how much of my income I can actually invest for retirement. This may be a tough calculation, since my earnings will likely be higher during some months and lower during others. It’s okay to take some time to figure out exactly how much I’ll contribute regularly, according to Anna Sergunina, president and CEO at MainStreet Financial Planning.

“At least initially, maybe you need to give it a year or two until you see some pattern,” Sergunina said. “Then you’ll be a lot more practiced to say, ‘Okay, I can contribute $500 a month regularly.’”

Anjali Jariwala, the founder of financial planning firm FIT Advisors, says the most important aspect of planning contributions is setting good financial habits.

“Set a goal of how much of your income you’d like to save and see if you can meet or exceed that goal,” Jariwala said. “If you exceed the goal, set the percentage higher.”

2. Consider an IRA

Now that I’ll be saving for retirement without the help of my employer, I’ll want to consider an IRA. These accounts are relatively easy to open online via banks and online brokerages and allow investments in a wide range of securities, including stocks and bonds.

They come with major tax benefits. With a traditional IRA, I can contribute tax-free money now and pay taxes when I take the money out in the future. A Roth IRA works the opposite way: I can put after-tax dollars in now and make tax-free withdrawals down the road.

“Roth is awesome, especially for someone who’s younger and especially if your income tax bracket is lower now,” said Tricia Rosen, principal at Access Financial Planning.

Because of my age, I can contribute up to $6,500 to an IRA in 2023. The limit increases by $1,000 when you turn 50.

If I decide I’m looking to contribute more than $6,500, financial planners I spoke to said I may want to consider a SEP IRA, which is similar to an IRA but with a higher contribution limit and different calculation for contributions. SEP IRAs let you contribute 25% of your earnings, up to $66,000 this year.

Another option — the SIMPLE IRA — would allow me to act as the employee and the employer who contributes a match. It has higher contribution limits than a traditional IRA and may make more sense for someone looking to employ people.

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3. Consider a solo 401(k)

I can also consider a solo 401(k), which provides similar benefits to an employer 401(k).

“You’re both the employee and the employer,” Rosen said about the solo 401(k). So you can make your employee contribution, but you can also make a contribution as the employer.

Someone my age can contribute $22,500 in 2023 as the employee and up to 25% of their net self-employment income as the employer.

4. Don’t forget about income and contribution limits or taxes

The income threshold for being able to contribute to these accounts and IRAs changes each year, so you’ll want to check on your eligibility. And you can open up multiple retirement accounts, but keep track of your contributions and limits. You can’t double dip and max out both a solo 401(k) and a SEP IRA, for example, Jariwala said.

“It is more accounts to manage, but can be worth it at the end of the day if you are able to put more away into retirement,” she added.

I also have to remember that I no longer have an employer sending money from my paycheck to the IRS. That means I need to have a solid understanding of my tax bracket and the percentage of my revenue I’ll have to set aside to make quarterly estimated payments.

“That is the priority even before retirement savings, because you can get in deep trouble pretty quickly with the IRS if you don’t do that,” Rosen said.

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Lansing — The Michigan Republican Party had about $35,000 in its bank accounts in August, according to internal records that flash new warning signs about the dire state of the GOP’s finances and raise questions about whether the organization is complying with campaign finance laws.

The documents, obtained by The Detroit News, cover from February when party Chairwoman Kristina Karamo took office through Aug. 10, about six weeks before the party’s Mackinac Republican Leadership Conference and about five months into Karamo’s term.

The party has regularly transferred money from an account that’s usually focused on federal elections to other accounts to afford expenses, according to the records. And earlier this year, Karamo’s 2022 secretary of state campaign loaned the party’s federal account $15,000 after that account’s balance turned negative. The transaction wasn’t reported in disclosures from the campaign or the party’s federal committee.

A listing of Michigan Republican Party account balances from West Michigan Community Bank showed $35,051 across seven accounts, with expenses for many of the scheduled speakers at the Sept. 22-24 conference on Mackinac Island not yet paid, including author Dinesh D’Souza and unsuccessful former Arizona candidate for governor Kari Lake.

Sept 29 (Reuters) – Robinhood Markets (HOOD.O) expects a $100-million charge in the third quarter to resolve some legal and regulatory matters that were previously disclosed, the trading app operator said on Friday.

The company has had several run-ins with regulators. It was also at the center of the “meme stock” trading frenzy in early 2021, when a group of retail investors on social media bought shares of highly-shorted stocks such as GameStop (GME.N).

However, a stormy economic climate last year spooked retail traders, Robinhood’s chief customer base.

The company beat revenue expectations during the second quarter and reported a profit for the first time as a public company in August.

Robinhood’s shares were marginally higher after the bell.

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