1099 Contractors: Starting a Retirement Plan with Just $100 a Month
Being a 1099 contractor has its perks – flexible hours, being your own boss, and often higher pay. However, it also comes with challenges, especially when it comes to planning for retirement. Unlike traditional employees, 1099 contractors don't have an employer-sponsored retirement plan to fall back on. But don’t worry – you can still build a substantial nest egg with a little discipline and as little as $100 a month. Here’s how to get started.
Why Retirement Planning is Crucial for 1099 Contractors
Without the safety net of employer-sponsored retirement plans, it's imperative for contractors to take charge of their financial future. Retirement planning ensures that you have the financial stability to enjoy your golden years without stress. Starting early, even with small contributions, can significantly impact your long-term savings due to the power of compounding interest.
Choosing the Right Retirement Plan
There are several retirement plans tailored for...