Thread: Anyone Planning for Retirement????

This is a question for those that make a living with dance only.

Are you ready for retirement when the phone doesn't ring anymore, the classes are getting thin, and you may not have access to another income?

What will you do, how will you support yourselves?

not being snide or rude just wondering what the plan would be.

I am retired and on state and occupational pensions and take every time I dance or teach as a bonus.
Last week I went to see the UK Tarab dance company perform, next weekend I have an (expenses paid)" job" at Raks B . I probably won't get to a workshop but should get to hover in the shows. In July I am dancing in a company at a Festival and am organising a theatre show and performing in a "scene" in Nov.
Oh yes I ran a hafla on World Bellydance day...
This what you do when you retire...g.:

I make a living from dancing and I'm retiring in 3 years (at 50)and yes, I'm planning it for it. I've gone back to normal work with a part time job,I've got my last big trip to Cairo planned in 2010 which will be the final costume splurge. In the meanwhile I'm doing as much dance work as I can - I want to finish in a blaze of glory. I want to be missed (LOL)

i retire from dance when i pass over to the other side.i will always teach/coach long after i stop public performance! but my domestic partner, soon to be legal, has a 401k and my name is on it too.

Sweet! Thank you ladies.
I had to ask because I was looking at an earlier thread and I just got this gut feeling that the "youngsters" that were full time dancers were not thinking about retirement.

I am retiring from my full time job (not bdance...that wasn't much of an opportunity for me) Halloween. I am grateful that I got that job "x" years ago so that I can just dance and sew now.

Y'alls are the smart ones!

It is very rare that someone in their 20's or early 30's would consider retirement. I didn't start thinking of retirement until I was 38.

Originally Posted by jasani

It is very rare that someone in their 20's or early 30's would consider retirement. I didn't start thinking of retirement until I was 38.

Seems true, though I think it's becoming more prominent to us 20-somethings than it used to be. Especially now that more jobs offer retirement options and we're seeing our parents and grandparents get close to zil when it comes to Social Security. Hopefully the majority of women my age are thinking of their futures and doing what they can to make it secure.

I'm actually starting my IRA fund next week, and I just graduated from college two weeks ago...too much watching the news has freaked me out about social security not being there in the future, etc.

Originally Posted by najla86

I'm actually starting my IRA fund next week, and I just graduated from college two weeks ago...too much watching the news has freaked me out about social security not being there in the future, etc.

Good for you Najla! I started my IRA when I was about 25. Working in the non-profit sector has taught me that you can't rely on a company pension. And Social Security?... yeah, whatever... if there's any left when I retire it'll be a bonus.

I think this is a good issue to bring up, not just for FT dancers but for everyone in general. My goal right now is to pay down my student loan a bit then start dumping the maximum allowance into my Roth each year. If you're a FT dancer and have not considered retirement, you should meet with a financial adviser ASAP and discuss it. I know it can be a struggle to make ends meet as a working dancer, but if you think you're struggling now, wait until you get older and you can't teach or perform at the same level of intensity and frequency.

I had a nice 401K back when I had my day job, and when I quit I rolled it over into an IRA. Hubby has a 401K too, so we do have retirement savings.

I am planning on going back to having a regular day job when teaching and performing full time gets to be too much for me. I hope to have a good 10 years left, though, but we'll have to see how I hold up physically.

Originally Posted by Candi

I make a living from dancing and I'm retiring in 3 years (at 50)and yes, I'm planning it for it. I've gone back to normal work with a part time job,I've got my last big trip to Cairo planned in 2010 which will be the final costume splurge. In the meanwhile I'm doing as much dance work as I can - I want to finish in a blaze of glory. I want to be missed (LOL)

aw Candi........ stop ..............I'm welling up..cr.: ..g.:

Seriously though.
I've never made a living from the dance which was what you were asking about but the only earnt money I have now is teaching dance. I no longer what to return to the chalk face even temporarily ...too busy...g.:
But for those of you who do, you surely dont have to give up the business in one final cut..there's writing, organising, doing the occasional workshop, talks and yes.... dragging on the sequins at appropriate moments for fun!

Candi - I thought you were in your mid 30's - seriously. Well done, I want whatever you've been having !

Originally Posted by Bellydancingcaroline

Candi - I thought you were in your mid 30's - seriously. Well done, I want whatever you've been having !

What a nice person!!

Originally Posted by najla86

I'm actually starting my IRA fund next week, and I just graduated from college two weeks ago...too much watching the news has freaked me out about social security not being there in the future, etc.

Good on ya! We did this for all our kids for their 18th birthday. Took them to the bank, helped them open an IRA, and had them setup what our bank calls an "Easy Start" IRA with a $10 a month deposit from their savings. Then, as their income increases, they increase the monthly allotment.

I love seeing/hearing all of this.
There have been a few times in my "cheesy" dance career (hmmm career????)
let's change that to experience lol
where I have been glad no scratch that GRATEFUL to have always had a day job. The pickin's in dance have been slim for me.

So it is nice to see all of you "professional" dancers with an excellent backup plan

RAQ ON

my retirement plan so far: we bought a house and have 25j of payments to the bank to go starting next weel... but at least we're sure of a roof over our heads.

other than that we both only have our "state" pension. how mine we'll be is unsure as i've now only been working for 6 years, and then might go self employed, and chris' will be minimal for sure as he is self employed already, so we are looking into getting on something else. but a pension fund costs money too that's not always available right now. thank god belgian health insurance is pretty good though. that would scare me so much in the US

Originally Posted by jasani

It is very rare that someone in their 20's or early 30's would consider retirement. I didn't start thinking of retirement until I was 38.

I'm 27 and I've been putting money into RRSPs (Canadian 401k, I'm actually at my maximum contribution now), GICs and investing since I was 23 (the earliest I could afford to after putting myself through university)

But I know a lot of people my age and older who have NOTHING saved.

I guess growing up without a ton of money and having gone through a lot of hardships with my parents I'm more aware of how the roof can cave in at any time.

My partner and I have been together for almost 8 years now. We save my paycheck and use his for our living expenses. Any "extra" money goes to travelling expenses. We haven't dipped into our savings once in the past 4 years.

So yes, when I retire from dance I will be ready.

smart woman Eshe smart woman!

Originally Posted by eshe

I'm 27 and I've been putting money into RRSPs (Canadian 401k, I'm actually at my maximum contribution now), GICs and investing since I was 23 (the earliest I could afford to after putting myself through university)

But I know a lot of people my age and older who have NOTHING saved.

I guess growing up without a ton of money and having gone through a lot of hardships with my parents I'm more aware of how the roof can cave in at any time.

My partner and I have been together for almost 8 years now. We save my paycheck and use his for our living expenses. Any "extra" money goes to travelling expenses. We haven't dipped into our savings once in the past 4 years.

So yes, when I retire from dance I will be ready.

GO GIRL!!!

I'm 25 now and I just started putting $ into my 401(k) at work. I also put a decent amount of money each month into a regular savings account. I think I might also open an IRA account so that I can put some more money away...

I want to start saving for a house as well, but I just don't know where to start/where to put the money.

I'm not a full time dancer. I have been thinking about making it my full time career at some point, but I'm so afraid to be without health insurance!

Originally Posted by ejaghana

I'm 25 now and I just started putting $ into my 401(k) at work. I also put a decent amount of money each month into a regular savings account. I think I might also open an IRA account so that I can put some more money away...

Regarding your thoughts of doing both an IRA and a 401k...

I'm not up to date on the tax rules for IRA and 401k, but the last time I looked into it there was a maximum amount that was tax free, and then anything over that could be put into the account but would be taxed.

I would recommend that you put ONLY the tax-free amount into your IRA and 401k, and put the rest (ie, the part that will be taxed normally) into just normal non-IRA investments. The problem with 401k and IRA is that there are tons of rules governing your ability to remove the money before retirement, and also financial penalties. It's better to choose an account with a bank or brokerage firm that leaves you free to take the money out when you need it for buying a house, medical emergency, getting through a layoff, etc. Also, most IRA and 401k accounts have a limited list of investments you can choose from, and some of them have rather ho-hum return. By keeping your money independent of such accounts, you retain the flexibility to buy certificates of deposit (CD's), mutual funds, gold & silver, stock, or any other investments that suit your strategy.

If you get CD's, I'd recommend choosing something with no more than a 1-year term. If you go for stocks or mutual funds, I'd suggest researching carefully.

A good web site for educating yourself on what's gonig on with the economy and investment opportunities is Financial Sense - Uncommon News and Views for the Wise Investor . They have a weekly webcast that's updated every weekend that my husband has been using since 2000 to help him make educated investment decisions, and it has been very beneficial for us.

I feel I should warn people that 401Ks are not all that stable. I'm one of a number of people who had one of their 401Ks wiped out after saving quite a bit due to the dot com bust. (And, yes, I was diversified. The markets are very volatile.) I had to start over at 33 with my 401 K. Basically, I went from $60,000 to $400.00 almost overnight. (Trade restrictions are what did it to me.)

I'm 22 and will already have 3 or 4k to my retirement b/c I don't want to end up like my family-50+ and still haven't thought about it. My retirement will be the ability to go places and dance! So I have it a little backwards...

And I'm working on my CPA as we speak...

Mutual funds seem to be the thing to go for right now unless you like low stock prices and are a risk taker.

As to retirement savings, anything you can put away is helpful. The rules gives us the ability to save paying taxes both when you get your paycheck and when you withdraw funds (not prematurely) and withhold moolah from our paychecks for retirement before they access taxes. Granted it is limited on the amount each year, but it still saves to save! The reason for the such high tax penalty if you withdraw your retirement savings early is to deter people from doing so!

I am started "deferred retirement" this as I have been working for the State of Florida for 30 years. I start drawing my retirement income which is invested for me and continue to work at my same job for another 5 years. I get an opportunity to "sell" any portion of my unused sick and annual leave back to the state now and then again when I actually retire in 5 years. My plan is to use the leave I buy back now to pay off my credit card bills and and sock the rest away for ready cash for emergencies. When I make the final retirement in 5 years I will use the money for the leave I have accummulated at that point to pay off the rest of our mortgage.

I've been putting money into deferred compensation for about 20 years and started a Roth IRA several years ago. So with that, social security, and my pension from the state I should be in good shape for retirement.

Right now, however, my dilema is how to find ways to help subsidize my dance expenses. I am not dancing professionally and don't have a regular teaching gig. I get paid for substituting for another dance teacher when she needs me and make some money here and there sewing for other dancers. But it really isn't enough to spit at. If I were teaching one or two classes a week I could pay for gas and workshop fees.

Any ideas how an old gal like me can market herself for a few bucks here and there?

Souzan

..l;, Yay for all of us I think!

Congrats on those of you who understand and are thinking about retirement.

401ks are employer sponsered retirement plans!! So a person earning a living by being self employed cannot put money into a 401k unless they have other employees they are also adding to the plan.

NOTHING is tax free!!!!!!! But there are tax defered plans.

Always have as much put away for retirement as possible, NOT in an account for emergencies, those should be separate accounts. And as many of you don't know, any money you have in retirement accounts is safe from bankruptcy and other lawsuits against you, they cannot touch it!

There are a lot of good resources on the internet for you to search for self-employed retirement plan ideas. Honestly though save as much money as possible and plan your life so that when you get older it doesn't cost as much to live (i.e. own your home outright when you do retire). This is what I do. As well as put the maximum amount (only 4,000 a year) in an IRA.

Also, and most importantly I most definately recommend you watch Suze Orman or go to her website she gives a lot of good info on this subject.

Good-luck!!

Originally Posted by mlowsley

I feel I should warn people that 401Ks are not all that stable. I'm one of a number of people who had one of their 401Ks wiped out after saving quite a bit due to the dot com bust. (And, yes, I was diversified. The markets are very volatile.) I had to start over at 33 with my 401 K. Basically, I went from $60,000 to $400.00 almost overnight. (Trade restrictions are what did it to me.)

yes, I worked for a company that went out of business, and then the company who administered the first company's HR stuff (meaning my 401K!) also went out of business! By the time they tracked me down, the rollover grace period had lapsed, and they just mailed me a check out of the blue one day. I got CLOBBERED for taxes that year.