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Retirement savings for freelancers: What you need to know

  • Retirement Saving for Freelancers
  • 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:

    1. Pay for your current living and business expenses.
    2. Save three to six months’ living expenses in case of emergency or lack of work.
    3. Anything that’s left should go into long-term savings and investments for retirement or for other major expenses.

    (more…)