The Independent Contractor

Your previous employment ended amicably—perhaps via sale of a business, early retirement, or severance. Your professional network respects you, your knowledge, and your professionalism, and needs your advice. Though not by design, you have been called to be an independent contractor. Every relationship from this point forward will be by mutual consent. Do not be surprised if you earn more per hour than you did as a W-2 employee. Because of your age and your payroll of one, you will be able to set aside a substantial pre-tax sum in each tax year—likely far greater than you had as a W-2 employee. This is your five to ten-year opportunity to rapidly address shortfalls in your retirement planning. Responsible persons interested in optimizing the pension options most suited for the independent contractor may contact David R. Coughlin, CFP ® for a no cost consultation.