In today’s economy, there are an increasing number of individuals stepping out into the non-traditional workforce and making a great living freelancing, working on short contracts, and/or being paid hourly wages for a gig.
According to the New York Times, the number of Americans participating in the independent, or “gig economy,” grew by 9.5 million between the years 2005 and 2915. This rise in independent workers/contractors grew larger than the increase in the employment rate during the same time period.
Though these employment options are part of the “new financial normal” for many professionals in our economy, how can they save enough money to retire comfortably when the income can vary from client to client?
America’s Wealth Coach, Deborah Owens, appeared on NewsOne Now to share a few important tips that will help guide those working in the “gig economy” piece together an investment plan that can potentially garner up to seven figures in retirement savings.
For those participating in the “gig economy,” Owens explained regular IRAs or Roth IRAs are an excellent investment option for those who are looking to begin saving for their retirement, or for those who are over fifty years of age and trying to catch up on their retirement savings.
The financial guru also offered Sep-IRAs as well as personal 401k investment plans as ways the self-employed can save funds and invest dollars now for retirement savings.
Watch Owen’s full run-down of the retirement saving plans for the self-employed in the video clip above.
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