5 Things Freelance Writers Should Know about Investing in Retirement

As a freelance writer, you benefit from a number of conveniences: You get to choose your work hours, operate from your chosen environment, and experience a variety of assignments. However, there is a down side to all these great freelancing aspects–you must also plan for your retirement without the advantage of employer matching, company-based 401Ks, and future pensions. Your retirement planning is solely in your hands, and it is never too soon to start planning. Here are five things freelance writers should know about investing in retirement:

How much will you need? You will need to determine a target savings amount in order to best plot out your retirement investment plan. A good rule of thumb is to multiply the amount you make now (as long as you are living comfortably) by the number of years you think you will be in retirement, and then to account for inflation. Use an online inflation calculator to find this number. [Read more...]