Saving for Retirement When Working from Home
 
Saving for Retirement When Working from Home

Are you self-employed? If you are or even if you are a home based worker who is employed as a contractor for another company, you may be disappointed to learn that you are, essentially, on your own when it comes to retirement. Those who work from home are responsible for saving and setting up their own retirement accounts. Unfortunately, this leaves many men and women regretting their decision to work from home.

Planning for retirement when working from home or when self-employed may seem like a long and hopeless process, but it doesn't have to be. Even though you do not have a “traditional,” nine to five day job, you can still save and start preparing for your retirement. In fact, now is the best time to get started.

One of the first steps you will need to take involves determining how much money you will need for retirement. This can be difficult to do, but at least a rough estimate is advised. To estimate how much money you will need for retirement, examine your needs and goals. Where do you envision yourself in the future? Where do you want to live? What activities do you see yourself enjoying? It is important for you to answer these questions, as there is no way for you to meet your retirement goals if you don't have any.

Another way that you can go about planning and saving for your retirement, when working from home or when self-employed, is by creating a monthly budget. Unfortunately, not all home based workers are raking in the money. Some moms work at home part-time and some offer services, such as web design and freelance writing, that are not needed on a regular schedule. If you are one of those individuals, a budget is a must have. Monthly budgets are advised, as our expenses tend to vary from month to month.

When creating a budget, take your average monthly earnings and just start subtracting your expenses. If you are married, you will also want to include your husband or wife's expenses as well. There is no reason why the two of you can't help each other with creating a retirement savings plan. After all of the necessities have been added to your budget, such as your rent, mortgage, car loan, car insurance, food, gasoline, and utility bills, how much money is left? Take a percentage of that money or a set dollar amount each month and set it aside for your retirement years.

Speaking of saving your money, many home based workers want to run on down to their local banks and open up a savings account. This is okay, but it, honestly, isn't the best approach to take. Instead, look for those that you can benefit from opening, like those that are considered tax-deferred accounts or programs. Individual Retirement Accounts (IRAs) are recommended, but SEP-IRA accounts are designed specifically for small business owners and the self-employed.

It is also a wise idea to seek professional help. This help can come from a professional accountant or a professional financial advisor. It is best if you seek this professional help around the age of 40. This gives you enough time to make changes if your financial advisor thinks you do not have enough money for retirement saved. In fact, many home based workers and self-employed individuals wonder what happens when they don't have enough money saved for retirement.

If the time for you to retire arrives and you don't believe that you can financially survive until you pass away, don't quit working. Do not use this as a part of your plan, however. You should plan and save for your retirement with the goal you will stop working. If you find yourself short on money, consider working part-time to make up the difference. If and when the time comes, you can also make additional changes, such as moving into a smaller home or relocating to a more affordable city or town.

PPPPP

Word Count 663

Search
Recommended Resources
Forced Into Retirement? What You Should Do Did you love your job? If so, you may have been happy with ...
read more

How to Find Retirement Communities Are you planning for your retirement? If you are expected to retire within the next ...
read more

How to Meet New People After Retiring Are you getting ready to retire? If you are, you are not alone. ...
read more

How to Plan for Your Retirement Are you ready to start planning for your retirement? Whether you are 30 years ...
read more

How to Save for Retirement on a Limited Budget Are you living day-to-day or from paycheck-to-paycheck? If you are, you ...
read more

How to Save Money After You Retire When it comes to saving for retirement, much focused is placed on saving ...
read more

Are you getting ready to start preparing for your retirement years? Whether you are 30 years old or 50 years ...
read more

Professional Retirement Help: Where Can You Turn Are you in the process of planning for your retirement? If you are ...
read more

Retirement Checklist: Are You Prepared? Are you looking to retire within the next two to three years? If so, it ...
read more

Retirement Planning: 5 Reasons You Should Meet a Financial Advisor Are you planning and preparing for your retirement? If you ...
read more

Retirement Planning Mistakes You Need to Avoid Making Are you ready to start planning and preparing for your retirement? If ...
read more

Retiring: Should You Rent or Own a Home? Are you in the process of planning for your retirement? Of course, ...
read more

Saving for Retirement at 20 Are you around twenty years of age? If you are, retirement may be the last ...
read more

Saving for Retirement at 30 Are you in your thirties? If you are, retirement may be something that you occasionally ...
read more

Saving for Retirement at 40 Are you in your forties? If you are, retirement may be something that you occasionally ...
read more

Saving for Retirement at 50 Are you fifty years of age? If so, are you prepared for retirement? For many, ...
read more

Saving for Retirement at 60 Are you sixty years old? If you are, you may be preparing for retirement. As ...
read more

Saving for Retirement When Running a Small Business Are you a small business owner? If so, are you ready for ...
read more

Saving for Retirement When Working from Home Are you self-employed? If you are or even if you are a home ...
read more

Saving for Retirement: Why Flexibility is Important Are you ready to start preparing for your future, in terms of retirement? ...
read more

The Best Ways to Save for Retirement Are you looking for information on the best ways to save for retirement? ...
read more

Tips for Choosing a Retirement Community Are you preparing for your retirement? Once you have determined that your finances are ...
read more

Tips for Helping Your Parents Plan for Retirement Are you concerned with your parents and their future? If you are, ...
read more

Tips for Saving for Retirement Are you concerned with retirement? If you aren't, you should be. Of course, retirement is ...
read more

Why Saving For Retirement Is Important Whether you are 20, 30, 40, 50, or 60 years of age, are you ...
read more

Main Menu
Home
Sitemap


website monitoring
Articles
Forced Into Retirement? What You Should Do

How to Find Retirement Communities

How to Meet New People After Retiring

How to Plan for Your Retirement

How to Save for Retirement on a Limited Budget

How to Save Money After You Retire

Are you getting ready to start preparing for your retirement years? Whether you are 30 years old or 50 years old, this is an important step to take

Professional Retirement Help: Where Can You Turn

Retirement Checklist: Are You Prepared?

Retirement Planning: 5 Reasons You Should Meet a Financial Advisor

Retirement Planning Mistakes You Need to Avoid Making

Retiring: Should You Rent or Own a Home?

Saving for Retirement at 20

Saving for Retirement at 30

Saving for Retirement at 40

Saving for Retirement at 50

Saving for Retirement at 60

Saving for Retirement When Running a Small Business

Saving for Retirement When Working from Home

Saving for Retirement: Why Flexibility is Important

The Best Ways to Save for Retirement

Tips for Choosing a Retirement Community

Tips for Helping Your Parents Plan for Retirement

Tips for Saving for Retirement

Why Saving For Retirement Is Important

 

Disclaimer: The Publisher has strived to be as accurate and complete as possible in the creation of this website, notwithstanding the fact that he does not warrant or represent at any time that the contents within are accurate due to the rapidly changing nature of the Internet.

This site is a common sense guide to Saving for Retirement When Working from Home. In practical advice websites, like anything else in life, there are no guarantees of income made. Readers are cautioned to reply on their own judgment about their individual circumstances to act accordingly.

This site is not intended for use as a source of legal, business, accounting or financial advice. All readers are advised to seek services of competent professionals in legal, business, accounting, and finance field.

Any perceived slights of specific people or organizations are unintentional.

Home| Sitemap|Budget Hosting

7.my © All Rights Reserved.