Saving for Retirement When You Have a Side Hustle

Workers with side gigs can sock away even more for retirement in accounts designed for freelancers and other self-employed individuals.

STOCKHOLM, SWEDEN May 23, 2017 Professional dog walker on the street in Hagersten.
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I have a regular full-time job, but I also earn a few thousand dollars in freelance income every summer by writing travel articles. Can I make tax-deductible contributions to a solo 401(k) or a SEP?

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Kimberly Lankford
Contributing Editor, Kiplinger's Personal Finance

As the "Ask Kim" columnist for Kiplinger's Personal Finance, Lankford receives hundreds of personal finance questions from readers every month. She is the author of Rescue Your Financial Life (McGraw-Hill, 2003), The Insurance Maze: How You Can Save Money on Insurance -- and Still Get the Coverage You Need (Kaplan, 2006), Kiplinger's Ask Kim for Money Smart Solutions (Kaplan, 2007) and The Kiplinger/BBB Personal Finance Guide for Military Families. She is frequently featured as a financial expert on television and radio, including NBC's Today Show, CNN, CNBC and National Public Radio.