Retirement planning can feel overwhelming as a solopreneur, but it’s crucial for your long-term financial security. Follow these five steps to start building your retirement fund:
1. Choose the Right Account
Research options like personal retirement annuities, tax-free savings accounts (TFSAs), or pension transfers if applicable. Select one that aligns with your income and savings goals.
2. Automate Your Contributions
Consistency is key. Set up automatic transfers to your retirement fund each month, even if it’s a small amount.
3. Diversify Your Investments
Avoid putting all your eggs in one basket. Consider a mix of stocks, bonds, and other assets to balance risk and growth potential.
4. Monitor and Adjust
Regularly review your portfolio to ensure it aligns with your goals and risk tolerance. Adjust as needed with the help of a financial advisor if necessary.
5. Stay Committed
Retirement savings are a long-term game. Stay disciplined, and avoid withdrawing funds unless it’s an absolute emergency.
Take Action: Get our free guide to choosing the best retirement fund for solopreneurs!
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