Michael Joyce sat down with Rachel DePompa at NBC12 to discuss developing a freelance retirement plan. There are plenty of ways freelancers can save.
Freelance Retirement Plan Vehicles
Michael shared that if you don’t work for a company that offers a 401(k), retirement savings tools such as a Simple IRA, Solo 401(k) or Individual 401(k) are great vehicles for building up retirement savings.
Financial Planning and Discipline Are Key
The key to successful retirement savings for freelancers is planning. You need to be disciplined and prioritize goals. And you must make sure money is automatically moving into this account every few weeks.
Save Until It Hurts
Michael reiterated that we should contribute to retirement accounts until it hurts — until you feel the pinch. You can always pull back how much money you contribute. But, of course, the more you save, the more it grows over the years.
For some back-to-basics financial planning advice, please check out our blog post, Three Components of Personal Financial Planning.
For information about Agili, our ethics, our investment philosophy and how much we care for our clients, please check out this video and blog post, About Agili: Get to Know Your Personal CFO.