Self-employed? Here’s How to Save for Retirement

Working for yourself comes with lots of perks: setting your own hours, your own dress code and your own workload. That’s probably part of the reason nearly a quarter of workers freelance, either full- or part-time. They make good money, too. Almost half earn six figures.

The downside is making up for all the benefits that employers typically provide. That means figuring out health care coverage (which at least is now easier — if not cheaper — than it was before Obamacare) and setting up retirement accounts.

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Damian Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755 

Self-employed? Start saving for retirement

If you’re self-employed, retirement may be the last thing on your mind.

When financial gurus recommend setting aside 15-20 percent of your income toward retirement, your eyes may glaze over. After all, as an independent contractor or small business owner, you know income is often sporadic. Clients don’t always pay on time. Markets tend to move in cycles. Seasonal fluctuations may pinch your company’s cash flow.

You also know bills need to be paid – every month. Once you’ve settled up with suppliers, utility companies, lenders, and all those other folks clamoring for your money, most of your remaining cash may need to be pumped back into the business to keep it afloat. Contributing to a retirement account can seem like a luxury you can’t afford.

Continue reading source article at MeridianStar.com.

Damian J. Sylvia

Managing Partner

Retirement Income Solutions