Working For Yourself In The Gig Economy? You Need A Financial Safety Net

A recent study sponsored by Legal and General Group found that gig workers may not be meeting their appropriate financial needs, especially as it relates to life insurance and health care. Freelancers have lots of opportunities, but also face some financial risks if they aren’t proactive about savings.

Having a financial safety net is an important part of establishing your own business and continuing to grow that company. Working with a team of financial professionals is crucial because there are many unique aspects of working as a freelancer that require the insight of someone who can help you navigate this process.

For example, deciding which retirement plan to enroll into as a self-employed professional can be challenging and maybe influenced on your status as a sole proprietor, LLC, owner or S corporation owner. Discussing these options with a financial professional can help you select the retirement plan most appropriate for you and to ensure that you’ve covered all your bases when it comes to insurance protections.