Four ways freelancers can save for retirement in 2026

Want to get more out of four ways freelancers save without the guesswork? Below we walk through the essentials in plain language, with practical steps you can use right away.

Key Takeaways

• The gig economy has exploded over the last decade.
• Who says freelancers can’t make retirement plans?
• Here’s how to save But the gig economy is not just for people after a side hustle.
• Those sentiments are apparent in a new study that found 81% of gig economy workers say they can’t afford to make saving for retirement a priority.

How Four Ways Freelancers Save Really Works

Right now, it’s no biggie to find our neighbors, family members and even co-workers padding their pockets by renting their homes on Airbnb, driving for Uber or doing assorted other jobs here and there. Worth noting: for an increasing number of people, it’s their only source of employment. (adsbygoogle = window.adsbygoogle || []).push({}); One of the downsides of the freelance economy is that numerous of its participants don’t believe they will have enough for retirement.

The numbers come from the Betterment’s Gig Economy and the Future of Retirement report released Thursday. “The emergence of the gig economy has changed the American workforce, and the method we save for retirement requires to change with it,” Jon Stein, CEO of Betterment, said in a press release. RELATED: 10 methods other than Uber & Lyft to make money with your vehicle Freelancers don’t have to feel hopeless over retirement, though.

Getting the Most From Four Ways Freelancers Save

More importantly, here are four methods to save for that nest egg. How freelancers can plan for retirement Open an HSA: Numerous people think Health Savings Accounts (HSAs) are only for the full-time employed, but most people with a high-deductible health insurance plan (HDHP) can open an HSA.

HSAs can be an invaluable resources for self-employed workers looking to save not just for medical expenses, but retirement as well. An HSA also has a three-fold upside: Not only can you contribute to it in pre-tax dollars but withdrawals can be done without a tax penalty for qualified medical expenses.

Tips That Make a Difference

Remember that if you don’t have any major health issues, you can save a nice amount from year to year , money that could come in handy later in life. Open an IRA: A typical IRA (Individual Retirement Arrangement or Account) allows you to save more than $5,000 a year tax-deferred , even more if you’re over 50 or married.

Money expert Clark Howard says, “You can open a Roth IRA at Charles Schwab or Vanguard for as little as $1,000. See my investment guide for more details.” Open a rainy day fund: One method to force yourself to save is to open a direct-deposit account that sets aside a little bit of the money you earn automatically. Try your best to resist the urge to spend it needlessly.

Common Mistakes to Avoid

As a rule, in fact, a modest “rainy day” fund can keep freelancers from eating into their retirement savings. When small expenses hit , such as fridge repair or car trouble , you’ll be able to absorb it without compromising your future.

Invest in real estate: Real estate is a proven, sound investment that can reap large rewards for patient investors.  Numerous people rent out their homes or rooms in their home while they live cheaper somewhere else. Here’s how to invest in rental property.

Is Four Ways Freelancers Save Worth It?

In short, it is possible for freelancers to plan for their financial futures in a method that puts them on par with full-time workers. Another method to get there is to get adequate health insurance.

Here are some health care tools available to freelancers. RELATED: Free & affordable retirement choices for small businesses.

Frequently Asked Questions

How can I save money on four ways freelancers save?

Compare prices across a few retailers, look for active coupon codes, and time bigger buys around sales events. Worth noting: for an increasing number of people, it’s their only source of employment. (adsbygoogle = window.adsbygoogle || []).push({}); One of the downsides of the freelance economy is that numerous of its participant....

Is it worth shopping around for four ways freelancers save?

Usually yes. The numbers come from the Betterment’s Gig Economy and the Future of Retirement report released Thursday. “The emergence of the gig economy has changed the American workforce, and the method we save for retirement requir....

What should I check before buying?

Read the terms, confirm any code still works, and factor in shipping or returns. RELATED: 10 methods other than Uber & Lyft to make money with your vehicle Freelancers don’t have to feel hopeless over retirement, though.

Smart Ways to Save More on Four Ways Freelancers Save

• Stack a coupon code with an existing sale whenever the store allows it.
• Sign up for the retailer newsletter to catch first time and seasonal discounts.
• Compare the final price including shipping, not just the headline number.
• Check for student, military, or first order offers you may qualify for.
• Time non urgent purchases around major sale events for the deepest cuts.

Final Thoughts

Before you check out, line up four ways freelancers save against current promotions and any codes you can stack. Small habits like these add up to real savings over a year.

Originally published at clark.com.