Saving for retirement is as important for independent contractors or freelancers as it is for regular employees. Don’t put it off because you don’t know how to start.
As we enter the final 10-20 years before retirement, the equity we have in our home often represents a large part of our retirement savings. To make the most of this hard-earned asset, it’s important to make thoughtful decisions about our mortgage and home ownership in general. We may also need to challenge common assumptions – what’s right for one homeowner approaching retirement may not be right for another.
Thinking of starting your first 401(k)? Congratulations! Saving for retirement is a tremendously important step towards securing your financial future. Adopt the following strategy as a young person and stick to it, and you have an excellent chance of getting where you need to go.
It is never too late to save for retirement. If you’re entering your final 10-20 years before retirement, embrace this period as a unique window of opportunity.
Empty nesters who do not yet have enough saved for retirement cannot afford to miss this opportunity to get their retirement portfolio to where it needs to be.
Women on average have $25,000 in investments for their retirement, while men have $37,000 on average for retirement. Neither number is enough. The good news is, for most people, there’s a way to make it work, with the right amount of planning.