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For the self-employed
No employer required.
If you work for yourself, the account works the same way — you simply send the contributions instead of a payroll system.
How it differs
| Item | Through an employer | Self-employed |
|---|---|---|
| Who opens the account | You | You |
| Who sends contributions | Employer payroll | You |
| Contribution timing | Each payroll cycle | Whenever you choose |
| Fees | None to open, maintain or close | None to open, maintain or close |
| Investment menu | Curated | Curated |
See footnote 1
Other plans you may be eligible for
If you have no employees, a SEP IRA or a Solo 401(k) may allow more than a workplace IRA; if you want both a Traditional and a Roth IRA, the Retirement Maximizer opens them together. Compare the plans →
When something else fits better
An IRA has a lower contribution limit than a Solo 401(k) or a SEP IRA. If you are self-employed with meaningful profit and want to contribute more than the IRA limit allows, those are the better instruments, and Investor Services offers them.
We would rather point you to the right account than sell you the wrong one.
Footnotes
- No account establishment fee, no maintenance fee and no closing fee. Cash held in the money market option carries no MyFreeIRA fee. Investment options other than the money market may carry third-party costs, described on the Fees page. ↩