The Self-Employment Survival Guide by Jeanne Yocum

Author:Jeanne Yocum [Yocum, Jeanne]
Language: eng
Format: epub
Publisher: Rowman & Littlefield Publishers
Published: 2017-12-05T05:00:00+00:00

A financial planner can also create a plan to set a retirement savings goal and tell you how much you need to put aside each month to achieve that goal. This can be a great motivator because without having such a goal in mind, you may underestimate or overestimate what you need to save.

Start saving as early as possible. The sooner you start saving once you become self-employed, the easier it is to develop the habit and the better off you’ll be when retirement time rolls around. This is especially true if you begin self-employment early in your working years. Even a small amount of money set aside each month beginning in your twenties and thirties can add up to a cozy nest egg by the time retirement rolls around.

Delay taking Social Security for as long as you can. It may be tempting to sign up to receive Social Security at the earliest possible time (currently, age sixty-two), but this is foolish unless you have no other financial option. For each year you delay taking payments past age sixty-two, the amount you will receive goes up between 7 and 8 percent. At the very least, try to hold on until you reach the age at which you can receive your full Social Security benefit; for me that was age sixty-six. And if you work beyond that age and can manage without Social Security, your benefit will continue to rise each year until you reach age seventy.

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