How can freelancers effectively plan for retirement?
Freelancers should start by assessing their income and expenses, then consider retirement accounts like IRAs or solo 401(k)s.
What are the tax benefits of using a solo 401(k)?
A solo 401(k) allows you to contribute both as an employee and employer, maximizing your tax-deferred savings.
How much should I save each month for retirement?
Aim to save at least 15% of your income, but adjust based on your retirement goals and current savings.
Are there any specific investment strategies for freelancers?
Consider a diversified portfolio with a mix of stocks, bonds, and possibly real estate to balance risk and growth.
What resources can help me learn more about retirement planning?
Look into financial planning books, online courses, and websites dedicated to retirement planning for freelancers.
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