8 Ways Gig Workers Can Build Financial Stability
- By
Julia Austin
Open A Retirement Account
Source: Nora Carol Photography / Getty
If you do not have a salaried job, then it’s entirely on you to open a retirement account. Speak to your financial advisor about opening a Roth IRA. The earnings in this are non-taxable – so long as you do not draw upon them until you are 60 years old. If possible, max out your contribution each year. Currently, individuals under the age of 50 can put up to $6,000 in their Roth IRA annually. To give you some idea of how beneficial this account is, consider this: an individual who puts in $5,000 per year starting at age 29 will have a balance of just under $800,000 by the age of 65. So when creating your budget (which we’ll get to), make room in there to put aside money for your Roth IRA.
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