What Retirement Looks Like for Dreamers and Entrepreneurs

What does retirement look like for the self-employed, the entrepreneurs, and other dreamers who choose to work for themselves, or those living paycheck-to-paycheck by choice or by circumstance?  

Expert Advice

With the assistance of Wealthtender, a website whose goal is to help people reach their money goals at any stage of life, financial experts share some of their advice for what those working in non-traditional roles can do to secure their future. 

Start small and early. Saving a small amount can go a long way toward the future. It can be as simple as putting away $25 a week ($100 per month) into a retirement or savings account. 

Consider one of the following as a business owner: Roth IRA, Traditional IRA, Simplified Employee Pension (SEP), or a Solo 401(k). 

Take advantage of tax-advantaged savings. This includes individual Health Savings Accounts (HSAs), Simplified Employee Pension (SEP), SIMPLE, and defined benefit plans. 

Consult a financial planner. No matter your situation, a financial planner can best advise what kind of plan might work best, even if there is no existing IRA or 401k.

Carefree Attitude About Retirement/No Plan

There are, of course, those who don’t think or care about retirement and might even live under the “work until you die approach.” 

They might not have a plan for various reasons or live day-by-day with no savings or plan. It may be more challenging for them to create a retirement plan for a variety of reasons, or perhaps they don’t think retirement planning is important. 

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