A hand adds a coin to a black piggy bank, with coins in the background.

Creating a Retirement Plan When You’re Self Employed

Punch Financial
4 min readMar 30


Creating a retirement plan when you’re self employed can be a challenge, but it’s one that’s well worth taking on. There are a few key things to keep in mind when you’re setting up your own retirement plan, and by following these tips, you can ensure that you’re on the right track.

First, remember that saving for retirement is important no matter what your circumstances. Even if you don’t think you’ll ever need the money, it’s always good to have a nest egg set aside. Second, make sure you start saving early. The sooner you start putting money away, the more time it has to grow. And finally, don’t forget to diversify your investments. Putting all your eggs in one basket is never a good idea, so make sure you spread your retirement savings around. By following these tips, you can make sure you’re well on your way to a comfortable retirement.

Self Employed Retirement Planning

When you’re self-employed, retirement planning can seem like a daunting task. There are a lot of factors to consider and it can be difficult to know where to start. However, with a little bit of planning and effort, you can create a retirement plan that will work for you.

One of the most important things to do when creating a retirement plan is to start saving early. The sooner you start saving, the more time your money has to grow. If you’re in your 20s or 30s, now is the time to start thinking about retirement. It may seem like a long way off, but it’s never too early to start saving.

Another important factor to consider when creating a retirement plan is how much you will need to save. This will vary depending on your lifestyle and retirement goals. However, a good rule of thumb is to save at least 10% of your income. If you can save more, that’s even better.

When it comes to investing for retirement, there are a few different options available. You can choose to invest in stocks, bonds, or mutual funds. Each has its own risks and rewards, so it’s important to do some research before deciding which option is right for you.

Once you have a retirement plan in place, it’s important to review it regularly and make changes as needed. As your life changes, so will your retirement needs. By reviewing your plan regularly, you can make sure that it continues to meet your needs.

Creating a retirement plan can seem like a daunting task, but it’s important to do. By starting early and investing wisely, you can create a plan that will work for you. With a little bit of effort, you can ensure that you have a comfortable retirement.

Retirement Tips for Freelancers

As a freelancer, you know that retirement planning is important, but it can be difficult to do on your own. There are a few things you can do to make sure you’re prepared for retirement, even if you don’t have a traditional employer.

First, start saving early and often. The sooner you start saving for retirement, the better off you’ll be. Even if you can only save a little bit each month, it will add up over time.

Second, consider using a retirement savings account like an IRA or 401(k). These accounts offer tax breaks that can help you save more for retirement.

Third, invest in yourself by taking advantage of freelance benefits such as health insurance and retirement planning services. These benefits can help you save money and stay healthy as you approach retirement age.

Finally, don’t forget to plan for the unexpected. Make sure you have an emergency fund in place in case you experience a drop in income or unexpected expenses.

By following these tips, you can make sure you’re prepared for retirement, even if you’re self-employed. So start saving today and enjoy a comfortable retirement down the road.

Things to Consider When Planning Retirement

There are a few things to consider when planning for retirement as a self-employed individual. First, you’ll need to make sure you have enough saved up to cover your costs in retirement. This includes not only your living expenses, but also any health care or long-term care costs that may arise.

Second, you’ll need to decide how you want to receive your income in retirement. Many self-employed individuals rely on their business income to fund their retirement. However, this can be a risky proposition if your business doesn’t do well in retirement.

Third, you’ll need to determine what your tax situation will be in retirement. This is especially important if you plan to withdraw money from a retirement account, as you may be subject to taxes on those withdrawals.

Finally, you’ll need to think about how you want to spend your time in retirement. For some people, this may mean continuing to work in their business. Others may choose to travel or pursue other hobbies.

Self Employed Retirement Planning

No matter what your plans are for retirement, it’s important to start planning early. This will give you the best chance of achieving your goals and ensuring a comfortable retirement. Our online bookkeeping specialists at Punch Financial can help you organize your income in the present, and assist you in planning for retirement in the future. Contact us today to see how our services can help you.



Punch Financial

Outsourced finance, bookkeeping, & CFO solutions for #startups! Our clients included Honey, Lootcrate, Kangarootime, Boulevard, and many more. http://bit.ly/2nM