Best Retirement Planning Apps for Self-Employed: Features and Fee Structures Compared

When you’re self-employed, retirement planning isn’t just another financial task—it’s a complete DIY project. There’s no HR department setting up your 401(k), no employer match padding your savings, and definitely no pension waiting at the finish line. It’s just you, your fluctuating income, and the gnawing question: “Am I doing this right?”

I’ve spent years navigating this landscape both personally and professionally, testing virtually every retirement planning app available to the self-employed. The truth? Most fall woefully short of addressing our unique challenges. But a select few stand out by offering the right combination of features, flexibility, and reasonable fees.

Let’s cut through the marketing hype and get to what actually works for those of us without the corporate retirement safety net.

The Self-Employed Retirement Challenge

Before diving into specific apps, let’s acknowledge what makes retirement planning uniquely difficult for the self-employed:

• No employer contributions: You’re responsible for 100% of your retirement funding
• Irregular income: Traditional “save X% of each paycheck” advice doesn’t work
• Complex tax considerations: Self-employment taxes affect how much you can afford to save
• Multiple account types: Solo 401(k)s, SEP IRAs, and other options each have different rules
• Administrative burden: You’re both employer and employee for retirement purposes

The right retirement planning app needs to address these challenges specifically—not just offer generic advice designed for W-2 employees.

2025 Retirement Contribution Limits for Self-Employed

Understanding contribution limits is essential for maximizing tax advantages:

The Contenders: Top Retirement Planning Apps for Self-Employed

I evaluated each app based on:

1. Self-employment features: Tools specifically designed for independent workers
2. Account options: Support for Solo 401(k)s, SEP IRAs, and other self-employed retirement vehicles
3. Fee structure: Both management fees and hidden costs
4. Tax optimization: Features that maximize tax advantages for self-employed
5. User experience: Ease of setup and ongoing management

Here’s how they stack up.

1. Betterment for Business

Best for: Self-employed individuals seeking an all-in-one platform with human advisor access

Betterment has evolved from a simple robo-advisor to a comprehensive platform with specific features for self-employed professionals.

Key Features:

• Multiple account types: Supports SEP IRAs, Traditional IRAs, and Roth IRAs
• Retirement income projection: Shows how different savings rates affect retirement outcomes
• Tax coordination: Automatically places tax-inefficient assets in tax-advantaged accounts
• Human advisor option: Access to CFPs for more complex self-employment questions
• Goal-based planning: Allows for multiple financial goals beyond retirement

Fee Structure:

• Digital plan: 0.25% annual management fee (no minimum balance)
• Premium plan: 0.40% annual management fee ($100,000 minimum)
• Fund fees: 0.05%-0.15% for underlying ETFs
• No setup fees for SEP IRAs

The Verdict:

Betterment excels at making retirement planning approachable for self-employed individuals who don’t want to get bogged down in investment details. The tax coordination feature is particularly valuable for maximizing after-tax returns. However, the platform lacks Solo 401(k) support—a significant drawback for higher-earning self-employed professionals.

Learn more about Betterment

2. Fidelity Go

Best for: Budget-conscious self-employed individuals seeking low-cost retirement planning

Fidelity combines the resources of a major financial institution with surprisingly competitive fees for smaller accounts.

Key Features:

• Comprehensive account options: Supports SEP IRAs, Solo 401(k)s, and traditional retirement accounts
• Free management under $25,000: No advisory fees for smaller accounts
• Retirement score tool: Evaluates retirement readiness on a 0-150 scale
• Tax-smart investing: Strategic asset location to enhance after-tax returns
• Integration with other Fidelity accounts: Holistic view of all investments

Fee Structure:

• $0-$25,000: No advisory fees
• $25,000+: 0.35% annual management fee
• Fund fees: Approximately 0.00% (Fidelity uses its own zero-expense-ratio funds)
• No account minimum: Start with as little as $10

The Verdict:

Fidelity Go offers exceptional value, especially for self-employed professionals just starting their retirement journey. The free management for accounts under $25,000 removes a significant barrier to entry. While the platform lacks some of the advanced tax features of competitors, its comprehensive account options and integration with Fidelity’s broader ecosystem make it a strong contender.

Explore Fidelity Go

3. Wealthfront

Best for: Tech-savvy self-employed individuals seeking advanced tax optimization

Wealthfront has built its reputation on sophisticated tax strategies that are particularly valuable for self-employed professionals with variable income.

Key Features:

• Tax-Loss Harvesting+: Daily tax-loss harvesting to offset income taxes
• Risk Parity: Advanced allocation strategy for potentially better risk-adjusted returns
• Path planning tool: Comprehensive retirement planning that accounts for variable income
• SEP IRA support: Specialized account type for self-employed
• Smart Beta: Enhanced indexing for accounts over $500,000

Fee Structure:

• Management fee: 0.25% annually
• Fund fees: 0.05%-0.10% for underlying ETFs
• Account minimum: $500
• No additional trading fees

The Verdict:

Wealthfront’s tax optimization features are unmatched, potentially saving self-employed professionals thousands in taxes over time. The Path planning tool does an excellent job accounting for irregular income patterns. The primary drawback is the lack of Solo 401(k) support, which limits options for higher earners. Additionally, there’s no human advisor option for complex situations.

Check out Wealthfront

4. Empower (formerly Personal Capital)

Best for: High-earning self-employed professionals seeking comprehensive financial management

Empower combines powerful free planning tools with premium wealth management services for those with larger portfolios.

Key Features:

• Retirement Planner: Sophisticated Monte Carlo simulations that account for variable income
• Investment Checkup: Portfolio analysis tool that identifies optimization opportunities
• Tax optimization strategies: Asset location and tax-loss harvesting
• Dedicated financial advisors: Two dedicated CFPs for premium clients
• Supports multiple account types: Including Solo 401(k)s and SEP IRAs

Fee Structure:

• Free tools: Retirement planner and other tools available at no cost
• Wealth management:
  • $100,000-$1M: 0.89% annually
  • $1M-$3M: 0.79% annually
  • $3M-$5M: 0.69% annually
  • $5M-$10M: 0.59% annually
  • $10M+: 0.49% annually
• Fund fees: 0.08%-0.12% for underlying ETFs
• Account minimum: $100,000 for wealth management

The Verdict:

Empower offers the most comprehensive planning tools for self-employed professionals with complex financial situations. The free retirement planner alone provides tremendous value. However, the wealth management fees are significantly higher than robo-advisor alternatives, making it best suited for high-earners who value personalized advice.

Visit Empower

5. Vanguard Digital Advisor

Best for: Self-employed individuals seeking a low-cost, long-term retirement solution

Vanguard brings its legendary low-cost approach to automated retirement planning with a focus on simplicity and long-term investing.

Key Features:

• Comprehensive account support: Includes SEP IRAs, Solo 401(k)s, and traditional accounts
• Dynamic spending strategy: Adjusts retirement spending recommendations based on market conditions
• Tax-efficient investing: Strategic asset location across accounts
• Debt paydown integration: Balances retirement saving with debt reduction
• Automatic rebalancing: Maintains target allocation without manual intervention

Fee Structure:

• Management fee: Approximately 0.15% annually
• Fund fees: 0.05%-0.08% for underlying Vanguard ETFs
• Account minimum: $100
• No additional trading or transaction fees

The Verdict:

Vanguard Digital Advisor offers the lowest all-in cost structure of any major retirement planning app. While it lacks some of the bells and whistles of competitors, its focus on long-term, low-cost investing aligns perfectly with successful retirement planning. The platform is ideal for self-employed professionals who prefer a set-it-and-forget-it approach over constant tinkering.

Learn about Vanguard Digital Advisor

6. Carry (Specialized Solo 401(k) Provider)

Best for: Self-employed individuals seeking maximum contribution options and investment flexibility

Unlike the previous options, Carry isn’t a traditional investment app but rather a specialized platform for establishing and managing Solo 401(k) plans.

Key Features:

• Checkbook control: Direct access to investment funds without custodian approval
• Roth Solo 401(k) option: Tax-free growth potential
• Mega Backdoor Roth: Allows for additional after-tax contributions
• Alternative investments: Invest in real estate, private equity, and more
• Loan provisions: Borrow from your retirement savings if needed

Fee Structure:

• Setup fee: $299 one-time
• Annual fee: $299
• No AUM-based fees: Flat fee regardless of account size
• Investment fees: Vary based on chosen investments

The Verdict:

For self-employed professionals seeking maximum contribution limits and investment flexibility, Carry offers features unavailable on mainstream platforms. The ability to invest in alternative assets and utilize advanced strategies like the Mega Backdoor Roth can significantly accelerate retirement savings. However, the platform requires more financial sophistication and active management than robo-advisor alternatives.

Explore Carry

Feature Comparison: At-A-Glance

*Free tools available with no minimum

SEP IRA vs. Solo 401(k): Which Is Right for You?

The right retirement account type dramatically affects which app you should choose:

Choose a SEP IRA if:

• You want simpler administration with no annual filing requirements
• You have few or no employees
• You prefer lower setup and maintenance costs
• You value flexibility to change contribution amounts year-to-year

Choose a Solo 401(k) if:

• You want to maximize contributions at lower income levels
• You need the ability to take loans from your retirement account
• You want access to Roth contribution options
• You’re interested in the Mega Backdoor Roth strategy

Beyond Apps: Essential Retirement Planning Strategies for Self-Employed

The best app is only as good as the strategy behind it. Here are key approaches to enhance your retirement planning:

1. The Income Smoothing Method

For those with variable income:

1. Determine your baseline retirement contribution during lean months
2. Establish a formula for additional contributions during high-income periods (e.g., 25% of income above your monthly average)
3. Automate baseline contributions while manually adding extra during prosperous months

2. The Tax Optimization Approach

Maximize tax advantages by:

1. Prioritizing traditional Solo 401(k) or SEP contributions during high-income years
2. Shifting to Roth contributions during lower-income years when your tax bracket is lower
3. Coordinating retirement contributions with other tax deductions to optimize your overall tax situation

3. The Business Integration Strategy

Align retirement planning with business planning by:

1. Timing major business expenses and retirement contributions to maximize tax benefits
2. Using retirement contributions as a business stabilization tool (reducing contributions during lean periods)
3. Considering the impact of business structure (sole proprietor vs. S-Corp) on retirement contribution options

The Hidden Costs to Watch For

When evaluating retirement planning apps, be alert to these potential fee traps:

1. Fund Expense Ratios

The management fee is just one component of your total cost. The underlying funds also charge fees:

• Vanguard and Fidelity typically offer the lowest fund expenses (0.03%-0.08%)
• Some platforms use more expensive funds, adding 0.20%-0.30% to your effective cost

2. Transaction Fees

Some platforms charge for:

• Account transfers ($25-$75)
• Paper statements ($5-$10 per statement)
• Wire transfers ($10-$30)

3. Tax Inefficiency Costs

The tax efficiency of a platform can significantly impact your after-tax returns:

• Tax-loss harvesting can add 0.20%-0.40% in annual value
• Tax-efficient fund placement can add another 0.10%-0.30%

The Verdict: Which App Is Best for Self-Employed Retirement Planning?

After extensive testing and analysis, here are my recommendations based on specific self-employment scenarios:

Best Overall: Fidelity Go The combination of comprehensive account options, integration with Fidelity’s broader ecosystem, and exceptionally low fees (free under $25,000) makes Fidelity Go the best choice for most self-employed professionals.

Best for Tax Optimization: Wealthfront For those in high tax brackets seeking to minimize their tax burden, Wealthfront’s sophisticated tax-loss harvesting and risk parity strategies provide unmatched value despite the lack of Solo 401(k) support.

Best for Maximum Flexibility: Carry Self-employed professionals seeking complete control over their retirement investments and access to alternative asset classes will find Carry’s specialized Solo 401(k) platform worth the higher setup costs and more active management requirements.

Best for High Earners: Empower Those with portfolios exceeding $250,000 will benefit from Empower’s comprehensive planning tools and dedicated financial advisors, justifying the higher management fees.

Best Budget Option: Vanguard Digital Advisor With the lowest all-in cost structure (approximately 0.20% including fund fees) and no additional transaction costs, Vanguard provides exceptional value for cost-conscious self-employed individuals.

Final Thoughts

Retirement planning as a self-employed professional requires more effort than for traditional employees, but the right app can significantly streamline the process. The key is finding a platform that addresses your specific needs—whether that’s tax optimization, investment flexibility, or comprehensive planning—while keeping fees reasonable.

Remember that even the best app is just a tool. The most important factors in successful retirement planning remain consistent saving, appropriate asset allocation, and regular review of your progress toward your goals.

What retirement planning app do you use as a self-employed professional? Share your experiences in the comments below.