Money Guy Show How to Do Money When You're Self-Employed
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Oct 30, 2024 Discover how self-employment alters financial strategies, from savings methods to retirement planning without traditional benefits. The discussion emphasizes the importance of a proactive savings approach, especially for those navigating real estate investment risks. With insights into personal finance tailored for individual journeys, listeners will learn how to prioritize financial decisions during major life changes. Tune in for practical advice on making assets work for you, ensuring a brighter financial future.
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Pension Considerations
- Determine if your private sector pension is covered by the Pension Benefit Guarantee Corporation.
- Check its disclosures to assess how well-funded it is and explore rollover options.
Pension and Savings
- Don't rely solely on a pension for retirement; save independently as well.
- Aim for a 15-25% savings rate to build wealth and flexibility.
Pension Rollover
- If your pension contributions are eligible for rollover, consider including them in your 25% savings.
- Be conservative with the employer portion unless it's portable.