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by Michelle Waitzman
When you’re self-employed, saving for retirement is anything but simple. There’s no employee pension, no group RRSPs, and no steady paycheque to count on. I sat down with Aldwin Chin, a financial advisor with Edward Jones in Toronto, to get his insights on how to save for retirement as a freelancer. This is a very general overview, but you can use the links at the end of the article to find more information.
How much of my income should I be saving?
You need to prioritize your money to figure out how much you can and should save. Most freelancers should allocate their income like this:
- Pay for your current living and business expenses.
- Save three to six months’ living expenses in case of emergency or lack of work.
- Anything that’s left should go into long-term savings and investments for retirement or for other major expenses.