How to think about retirement if you don’t have a traditional full-time job

Retirement planning is often associated with full-time employment, where individuals can rely on employer-matched 401(k) plans and steady income. However, for the 16.8 million self-employed individuals in the US, retirement planning looks different. Self-employment is on the rise, with 1.4 million people joining the ranks in the past two years. The traditional retirement model, where one stops working and relies on retirement accounts, may not apply to self-employed people who often identify with their work and may not want to stop working altogether. Instead, retirement might mean slowing down, taking on passion projects, or mentoring, and having a reduced income. Self-employed individuals need to redefine their retirement goals and plan intentionally for their next chapters, considering how they want to step back and at what age. This requires more self-direction, but also allows for the freedom to define one's own path in retirement.