Wednesday, November 27, 2013

The Challenges of Being Self-Employed

For most American workers, saving for retirement has become easy, something you don't even have to think about. We have automatic deposits made to our 401(k)s, taken out of every paycheck. For the self-employed, though, the process is not so easy.

A new survey from TD Ameritrade brings this problem home. Only 12 percent of American workers who are employed by someone else are not saving regularly for retirement, but that situation applies to 40 percent of the self-employed. And 28 percent of the self-employed aren't saving anything for retirement.

The biggest challenge for the self-employed is that they fear their income isn't steady enough to be putting aside regular amounts for retirement. Some 61 percent of those surveyed said that was keeping them from fully funding their retirements. But aside from the ubiquitous 401(k), there are several options for self-employed people to fully fund their retirements. If you'd like to know more about them, feel free to give me a call.

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