With over 70 million freelancers in the U.S., freelancing obviously appeals to a lot of workers and offers a lot of benefits to those who wish to work for themselves. However, it doesn't offer a 401(k) program, and that means saving for retirement is not as easy as filling out a form and giving it to HR. In fact, freelancers are essentially their own HR department, and that adds some complexity.

On this episode of Financial Decoder, host Mark Riepe speaks with Susan Hirshman, a director of wealth management for Schwab Wealth Advisory and the Schwab Center for Financial Research. They discuss the challenges freelancers face in their financial lives, as well as the options they have to invest for retirement and get the most out of their savings.

To read the study Mark references about the effect of visualization on risk-taking, Check out "Imagining Risk Taking: The Valence of Mental Imagery Is Related to the Declared Willingness to Take Risky Actions" in the Journal of Behavioral Decision Making.

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Financial Decoder is an original podcast from Charles Schwab. For more on the series, visit Schwab.com/FinancialDecoder. 

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The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. All expressions of opinion are subject to changes without notice in reaction to shifting market, economic, and geopolitical conditions.

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Diversification and asset allocation strategies do not ensure a profit and do not protect against losses in declining markets.

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