Your retirement goals should feel aspirational, not impossible.
Working outside of a traditional 9-to-5 may have you feeling like retirement planning is out of reach. With a partner who specializes in supporting creative professionals, you can understand your options and start scripting a retirement plan that meets your individual needs and circumstances.
When is the right time to start retirement planning?
While it’s never too late to start your retirement planning, earlier is certainly better. This gives you time to build wealth through individual contributions, potential employer contributions, and enjoy the benefit of compound interest (when the interest you earn on your initial investment starts to earn interest).
If you feel like retirement planning is complicated or you don’t have enough money or time to do it, you’re not alone. Luckily there are a few simple things you can entertain to prepare your finances for the future.
How do I start planning for retirement?
First, take some time to determine what types of accounts are available to you. Anyone can open an IRA or a Roth IRA, and you can also open a retirement certificate with some financial institutions. You may also have access to a 401(k) or a similar account, such as a Motion Picture Individual Account Plan (IAP), through an employer.
Take stock of any accounts you might already have, and if you’re currently working, check with your employer to see if they offer any options. If you share finances with a partner, keep their accounts in mind as well and consider how they might fit into your overall strategy.
Next look over your monthly budget and determine how much you can set aside each week, month, or year for retirement savings. Even if you need to start small, you can work to ramp up your rate of savings as time goes on.
A great next step for creative professionals is to consider consolidating existing accounts into an IAP Rollover. A single account gives you a clearer picture of your retirement savings which can help you make more informed decisions as you prepare your finances for the long term.
Can I get help with retirement planning?
In short—yes! Many financial institutions offer assistance with retirement planning, but not all assistance is the same. Look for a partner who understands your unique circumstances, like the variable nature of income for many creative professionals.
The right partner will help you determine your retirement funding needs based on your anticipated income, working years, and retirement goals. From there, you can select the right accounts and contribution amounts to set yourself up for the type of retirement you want to enjoy.
Future financial success starts with smart investing. First Entertainment Investment Services (FEIS) can help you develop a personalized investment strategy that supports your day-to-day needs while preparing you for the future. To learn more about how to get started, join us today.
Michelle Lee, Financial Advisor
323.845.4434
mlee@firstent.org
www.firstent.org
