I'm 54 with a $320,000 IRA and will soon be self-employed, earning $120,000 per year. How much should I save for retirement?

A woman in her 50s works from home. She is working in a light-filled room with plants a mirror. One leg is up on the chair and she is looking at her phone with her laptop open.

Question: I'm 54 with a $320,000 IRA and am transitioning into self-employment with a projected annual income of $120,000. How much of that can and should I be saving for retirement? What are the best tools for self-employed savers?

Answer: Making the leap from a salaried position to self-employment can be challenging. However, there are also several benefits.