<\/span><\/h3>\nYes. Contributions to a SEP IRA or Solo 401(k) are generally tax-deductible as a self-employed person, reducing your taxable income for the year. This is one of the most meaningful tax advantages available to independent contractors. The deduction rules have some nuances, so confirming with a tax professional is worth doing before your first large contribution.<\/span><\/p>\n<\/span>How Much Should a Self-Employed Massage Therapist Save for Retirement?<\/span><\/span><\/h3>\nThere’s no single right percentage, but treating a contribution as a fixed cost of doing business, similar to insurance or platform fees, rather than an afterthought, is what actually builds a balance over time. The habit counts for more than the amount in the early stages, and starting with a modest, consistent percentage usually works better than waiting for a perfect number before starting at all.<\/span><\/p>\n<\/span>How Do I Save for Retirement With Irregular Income?<\/span><\/span><\/h3>\nSetting aside a fixed percentage of every booking, rather than waiting to make one lump sum contribution a year, turns retirement saving into a habit tied to income instead of a decision that has to be made fresh each time. Automating the transfer around when invoices typically get paid removes the need to remember to do it manually every month.<\/span><\/p>\n<\/span>Does Social Security Count as Retirement Saving?<\/span><\/span><\/h3>\nIt counts as a base, but not as a full retirement plan. As a self-employed person, you pay both the employee and employer portions of Social Security and Medicare through self-employment tax, which builds your Social Security entitlement over time. Most financial advisers recommend treating it as a supplement to personal retirement saving rather than the primary plan.<\/span><\/p>\n[\/vc_column_text][\/vc_column][\/vc_row][vc_row type=”full_width_background” full_screen_row_position=”middle” bg_color=”#faf1eb” scene_position=”center” text_color=”dark” text_align=”center” top_padding=”3%” bottom_padding=”3%” overlay_strength=”0.3″ shape_divider_position=”bottom” shape_type=””][vc_column column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_link_target=”_self” column_shadow=”none” column_border_radius=”none” width=”1\/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid”][vc_column_text]\n
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