Being self-employed gives you the freedom to work on what you are passionate about. However, it does bring in some unique problems when it comes to financial planning. Most salaried professionals will not be able to relate to such problems.
Here are the 10 retirement planning tips for the self-employed. Most of these will apply to salaried professionals too.
1. Purchase adequate life, health, and disability cover.
2. Avoid excessive debt. If your profession requires taking up heavy debt at a business level, purchase life insurance under Married Women’s Property Act.
3. Build up a requisite contingency fund and a medical emergency corpus.
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