Rethinking Retirement for Freelancers

Trying to plan ahead and staying on top of financial obligations may be hard. It can be even harder when you’re one of a growing number of Canadians who have joined the “flexforce,” a group that includes gig workers, job jumpers and postponed professionals whose untraditional and sometimes unpredictable employment status make it difficult to feel financially secure.

A recent TD survey reveals that 72 per cent of Canada’s flexforce admit that saving for retirement is difficult, while more than half saying they’re unable to save as much as they need to meet their retirement goals given their inconsistent cash flow and need to focus on immediate financial obligations versus planning for the long-term.

“Planning for retirement can be overwhelming for most of us – add in the complexity of unpredictable or postponed employment and the challenge gets even tougher,” explains Jennifer Diplock, associate vice president of personal savings and investing at TD Canada Trust.

“Our survey results prove that this group has real concerns about their ability to manage their finances as they get older and stop working. For those working in untraditional roles, it’s important to plan ahead and schedule regular check-ins with a financial advisor as a way to manage the variables and unpredictability they may experience at work.”

Given evolving trends in the workplace, coupled with the changing views of retirement, your financial advisor can help keep your money goals on track when it comes to planning for retirement.