Even an independent freelancer gets old once
We’re young. So young and always busy, many of us probably never thought of later. The time when one won’t and/or doesn’t want to lead a busy professional life any further. No more writing schedules, company designs, videos. Just resting, free time activities, family! In an ideal situation. But, have you actually thought of a retirement?
If not yet, then you do it! Right now!
This is not an advice, this isn’t a gentle suggestion. It is a MUST! You’re not an employee, so there is no employer paying the fees to the state every month for a later retirement. And let’s be honest, that wouldn’t be that much anyway, in many cases, an extra fund is handy. But you’re an entrepreneur, you have to do it entirely yourself.
When a freelance business is going well enough, you can (and have to, should) register it as a business, paying taxes and other fees, social security contributions probably, which might cover health care (minimum extent), retirement, unemployment insurance, etc. It can be different in every country somewhat, like health care is covered by a separate insurance for example, but for retirement and unemployment there are fees usually. First off, please, start paying those! Get on with the paperworks, if you can’t do it yourself, hire a specialist and do register, pay!
But, in my opinion, this is just one side of your later retirement. I think we all can agree, something extra for the time when you can’t or don’t want to work anymore will be necessary. An extra retirement plan, in a form of a specific insurance. Most insurance companies have an army of choices, different financial portfolios to secure your old years. In fact, there are so many forms and variations, it needs a serious research and comparison before you can think about a contract.
If you have time enough, you can do the research, looking up the insurance companies’ plans and compare the numbers of projected retirement incomes, eventual risks, monthly fees, terms and conditions.
Or, if you don’t, you make an appointment with an advisor.
Note: you don’t make appointment with an agent of one of the insurance companies, that won’t be a fair advice. They want you for themselves, and your money.
You search for a person of an independent advising agency, one that has no interest with one particular corporation. They exist, and they can give you reliable, up to date information. Often they also can close a deal, make a contract for you. Some might offer their services for free to you, as they get paid by the company you pick for your plan. That’s just even better.
Whatever your route is, the most important remains: have one!
Don’t sit relaxed on your young butt and live the carefree (or careless), spend-it-all years! Have a plan for later, your state won’t have one probably, and spend some on that every month for the coming years, decades! You’ll need it.