by Chad Fraser
It’s called the “gig” economy.” Whether work is a series of contract jobs or you run your own business, these 5 tips can help you save for retirement.
If you’re one of the 2.8 million Canadians who Statistics Canada says are currently self-employed or run a small business, you are likely well aware that along with freedom and independence comes unpredictable cash flow. And that unpredictability can make building a solid retirement plan for your future a bit of a challenge.
“The seasonality of my business, competition and changing consumer tastes mean there’s no guarantee of what I’ll be making in the years before I retire,” explains 44-year old Meg Wallace, owner of Meg Wallace Photography in Parry Sound, Ontario. “I don’t have a set (retirement) date, mainly because I can’t imagine my life without photography.”
Wallace is not alone, In fact, the average retirement age for self-employed Canadians in 2017 was 68. That’s more than four years older than the average Canadian retiree. Have you passed up the comfort of a steady paycheque to follow your dreams? Waterloo, Ontario-based Sun Life Financial advisor Andrew Wilkin shares his top retirement-planning tips with you.