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Corynne Bisson is a freelance videographer who’s had to re-think her retirement strategy now that she works for herself.Planning for retirement can feel like solving a complex puzzle, with each piece representing a decision that could impact your future. But here’s the good news: It’s never too late to take control. In this series, we aim to simplify the process, providing actionable insights to help you confidently manage your financial future.
“Then, at the end of the month, if I had money left over, I would manually put in,” Bisson explains of her serving days.“I have taken off automatic deposits altogether,” she says. Depending on how much work she gets, Bisson now manually contributes anywhere from $0 to $400 per month to her RRSP.Bisson says she does feel more stressed saving for retirement as a freelancer. “It’s mostly just the irregularity of things,” she explains.
“If you’re 45 years old, versus 25, you want to do a higher percentage of your income,” Cork says, since your savings timeline toward retirement is shorter. “If people want to spend the least amount of time thinking about it, set up the dullest, most vanilla, most boring balanced fund,” Cork says. “You have to get into a pension mindset. They are invested much more conservatively.”As freelancers build their careers and earn $70,000 to $100,000 or more a year, that’s when Cork says they can consider incorporating.
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