How to Plan for Retirement When You're Self-Employed

Video Transcript

"This is financial advisor Patrick Munro, talking about how to plan for retirement when you're self-employed. Basically, being self-employed is a great opportunity for you to control your own destiny, but it's important to plan for retirement and put aside money from your self-employment activities for a time when you'll no longer be working. This is an excellent strategy that you can apply if you have a good record keeping system, and you keep your expenses low, so that the lower your expenses are the more money you have available to put away for your future. And this can be done by having a discernible budget which you revisit on a regular basis. And by making a commitment to reviewing your financial affairs and handling them on a regular basis, and paying your bills in a timely fashion you will quickly realize that by paying yourself first when you're self-employed you will put a priority on your future. This is Patrick Munro, financial advisor, talking about how to plan for retirement when you're self-employed."