Solos, First Investment Advisor for Freelancers, Set to Launch

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Solos, First Investment Advisor for Freelancers, Set to Launch

December 13
22:48 2021
The platform will serve the 60 million freelancers as more Americans become their own boss.

Solos, the first investment advisor designed for freelancers, will launch in January to meet the surging demand of freelancers in the workforce.

The freelance population has dramatically reshaped the way many have worked over the past decade.

Last year, nearly 60 million Americans freelanced, representing more than one-third of the total U.S. workforce. That figure is expected to rise to 90 million Americans by 2028.

Despite the trend however, this group of people are underserved compared to W2 full-time employees. In addition to regular income tax, freelancers are subject to pay over 15% in self-employment tax. Meanwhile, there is a major lack of access to tax-advantaged retirement funds.

Solutions to these problems are often difficult to set up, expensive or simply don’t allow adequate flexibility for the freelancer’s lifestyle.

Solos, an SEC registered advisor, is offering a flexible solution by creating the first retirement investment app designed specifically for freelancers.

“Our mission is to help all freelancers, consultants and the self-employed to achieve their dream retirement lives faster and easier,” Weili Dong, CEO and founder of Solos said.

While 401(k) plans are one of the greatest assets available to full-time and salaried employees, freelancers often struggle to find ways to save in similar ways.

For example, many are not aware of a SEP IRA, which is a retirement account designed for small business owners and freelancers. This allows freelancers to save in a fund that will grow tax-tree until they withdraw during retirement.

Once launched, the Solos app will serve freelancers to set up their SEP IRA retirement investment accounts, with only a few clicks.

On Solos’ website, individuals can use a free tax saving estimator where freelancers can input their information to understand how much money they could save and optimize their taxes.

“We are here to empower the freelancer community,” said Dong. “The world is going freelancing, yet freelancers are underserved as the financial infrastructure is still running on the assumption that people work full-time for one single company.”

“As the workforce changes rapidly, we want to bring true labor equality so that freelancers can be better served,” she added.

Media Contact
Company Name: Solos
Contact Person: Qian Chen
Email: Send Email
Country: United States