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3 Things Gig Workers Should Consider While Planning Retirement
We all hope to leave the workforce someday and settle down somewhere nice and just enjoy life in our remaining years.
While retirement may not seem like it’s in your future if you’re a gig worker or freelancer, it certainly can be, with proper preparedness. All you need to do is just take it one step at a time and make some important considerations along the way.
All you need to know about retirement is right here, so keep reading!
Understand Your Retirement Needs NOW
The cost of living is high and the future is unpredictable. Experts agree that at least 80% of your pre-retirement annual income is needed just to maintain your quality of life. So, if you make $100,000 a year, you’ll need $80,000 a year in retirement just to live comfortably.
What that also suggests is that you should mostly depend on basic needs, meaning having your home and car fully paid off at the time of leaving the workforce.
Check out Your Retirement Plans Early On
First and foremost, check out a solo 401(k) program, or some other retirement savings plan and see if they’re right for you.
A solo 401(k) allows you to contribute to the program as both the employee and the employer. While it…