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Freelancing & how to save for retirement

Updated: Apr. 26, 2021 at 9:14 AM EDT
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RICHMOND, Va. (WWBT) - If you don’t have a company with a 401K set up, don’t fret. There are plenty of options to save for retirement if you are a freelancer.

Michael Joyce with the financial firm Agili says some of them are really quite good.

“You can do things like a simple IRA. There’s even something called a solo 401k or individual 401k and really you can put a lot of money into those types of investments,” Joyce said.

Joyce says the key is planning. You have to save money on it. You need to be disciplined and prioritize goals. Make sure money is automatically moving in this account every few weeks.

Joyce always tells us to contribute to your retirement account until it hurts. Until you feel the pinch.

You can always pull back how much money you contribute.

But the more you save, the more it grows over the years.

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