How can I prepare for my financial future? I don’t know how to plan for my retirement.

This article is for informational purposes only. Please consult a Certified Financial Planner (CFP), accountant, or other licensed professional like a tax attorney for personal advice.

We all have dreams for ourselves and our children, so what can we do now to set ourselves up for success? One of the ways to prepare for your financial future is to save for retirement. Although every investment carries a risk, saving early can help you take advantage of compounding interest and potential tax incentives along your financial journey.

If you are self-employed, it’s now possible to make contributions to a new state-sponsored retirement program known as CalSavers. It is easy to sign-up/log-in to CalSavers and begin a retirement account. All you need is a bank account and a Social Security Number (SSN) or Individual Tax Identification Number (ITIN). You can contribute any amount you want on a monthly basis, whatever works for you and helps to get you to your retirement goal. Watch this short video to learn more about CalSavers or check out these frequently asked questions (FAQs).

This program is available to independent business owners, contractors, gig works and individuals with an Individual Tax Identification Number (ITIN). Additionally, all employers with 5 or more employees who do not already provide a retirement program will eventually be required to register for CalSavers.

When making any financial decision, you need to make the choice that’s best for you, your family, and your entire financial picture. San Francisco’s Office of Financial Empowerment connects anyone who lives, works or receives services in San Francisco to free financial coaching through the SmartMoney Coaching Network. You can sign-up to get started here. The San Francisco Economic Development Alliance (SFEDA) also connects entrepreneurs to supportive programs and services provided by trusted local nonprofits.

Lastly, visit the Consumer Financial Protection Bureau (CFPB) for reliable financial information in multiple languages and support with complaints related to financial products and services.

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