Question for Self-Employed: Have you started on Retirement Plan?

Discussion in '401k, IRA and Retirement' started by thestoryteller1, Jul 22, 2014.

  1. remnant

    remnant Well-Known Member

    Joined:
    Mar 2016
    Posts:
    124
    Likes Received:
    0
    I am self employed but do not really have a retirement plan. Part of the reason is that I have figured how to generate the extra coin even in old age. Life is dynamic and we have no choice but to conform to its dynamism. That said and done, I will nevertheless commence building a war chest for retirement though to me, retirement when you are self employed is a paradox. My retirement plan is basically commercialising the things I do effortlessly, even for free. These are hobbies and talents.
     
  2. kgord

    kgord Senior Investor

    Joined:
    Aug 2015
    Posts:
    617
    Likes Received:
    1
    I am self employed too, but am kind of concerned about basic survival at the moment. I will deal with a retirement plan a bit down the road. I did just sign up for Acorns though which is an investment tool that allows you to invest very small amounts of money, and only costs about 1.00 a month to maintain an account. I am doubting I will see any big returns with this but it is better than doing nothing.
     
  3. manoharb

    manoharb Senior Investor

    Joined:
    May 2015
    Posts:
    277
    Likes Received:
    2
    I am self-employed too. I was worried about my survival 15 years ago, today, I don't care about my survival as well as retirement plan too. Money, I already have enough to spend more than 1 life and side option, In exceptional case, If I have no money, I can find job of technical analyst anywhere in world. I am sure and confident about that. I feel alive, that's more important for me than money or retirement plan. Challenges keep me alive and I love that.

    For small success good friends required, for big success, good enemies required : Arya Chanakya

    I didn't planned anything for my retirement. I just pray only, Oh God ! I don't want to die on bed. the way Former Indian President APJ Abdul Kalam died last year,( He born for knowledge, died during sharing knowledge) I love such kind of death.
     
  4. tskier01123

    tskier01123 Member

    Joined:
    Apr 2016
    Posts:
    16
    Likes Received:
    0
    I have, but my retirement is non traditional in that it's all tied up in BitCoin and peer-to-peer investing. I find it's pretty easy to manage, just sock it away and forget about it. Hopefully one day when I'm old and grey I won't even know how much I've got socked away and will be pleasantly surprised. I try to get 10-20% of my monthly income into investments, depending on the month I'm having.
     
  5. crimsonghost747

    crimsonghost747 Senior Investor

    Joined:
    Mar 2014
    Posts:
    1,722
    Likes Received:
    6
    I would say that yes, it is. I don't mean the whole "ok I'll live with bare minimum and invest everything I earn" but rather invest what you can afford to. I don't know, skip that restaurant dinner for two and save $50. Invite your friend over to your house for a couple of beers instead of going to the pub where it's $5 a beer... that kinda small stuff.

    I recently ran into a situation where I had to quit my job. The government, funnily enough, still hasn't paid me a penny of unemployment. We have thousands of refugees coming in and they get everything paid for them, yet I as a citizen and tax payer have gotten about 1000e during the past year. (and that was because I broke my ankle and was declared unable to work) That's less than 100e per month, in a country where the average salary is close to 3k per month.

    While I of course have to watch my spending so I don't waste all of my money, there is not a single time during this year of basically zero income when I had to worry about financial things. And that is because I have a sizeable backup account that will keep me going for a couple more years if necessary.
     

Share This Page