Retirement savings
As a freelancer, you are solely responsible for your retirement.
Ensure to budget for yourself in this regard. Opening up an IRA or Roth IRA seems to be the obvious step.
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Fund Retirement Plans ASAP
When individuals earn money, their first responsibility is to pay current expenses such as rent or mortgage and food. Once these expenses have been covered, the next step should be to fund a retirement plan.
How much difference will funding a vehicle such as a Roth IRA early on in l...
Paying for retirement
- Try to save at least 15% of your paycheck for retirement.
- If you're able to save more, open a Roth IRA. You'll pay taxes on your contributions now, but your earnings will accumulate tax-free.
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Tax-advantaged accounts can help
You can take advantage of the tax-sheltered retirement accounts like 401(k)s and IRAs.
- If you qualify for a Roth IRA, use it. The Roth IRA will come back to you tax-free when you're older.
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