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Tag: self-employed

How to Save for Retirement Without a Traditional 401(k)

save for retirement
Tools to Help Creatives and Other Self-Employed Individuals Plan for a Sound Financial Future

Much of the retirement advice you hear is of the “start saving early” and “take advantage of your employer match” variety. However, those things may not be possible for everyone. Many small companies and startups don’t offer a 401(k) or similar retirement savings plan, and those who are self-employed or independent contractors are entirely responsible for their own benefits, retirement planning vehicles included.

If you’re in this boat, don’t despair. While the path toward a financially sound retirement may not be as obvious for you,  your options might even be better. We’ll review several below.

401(k), creatives, retirement planning, self-employed

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Four Ways Self-Employed Freelancers Can Plan for Retirement in Hollywood

self-employed freelancers planning for retirement
It’s Possible to Work for Yourself While Still Building a Sound Financial Future

The current shut down is another reminder of how tough it is to plan for your financial future and retirement in the entertainment industry and self-employed freelancer world in general. However, it also gives you a perfect opportunity to put strategies in place to maximize your future when things start up again. Most Oscar winners think of themselves as artists, but they are also highly successful business owners. And the same goes for the legions of other successful, but less renowned, self-employed freelancers. If you work freelance and are self-employed, it is critical that you maximize the unique financial planning strategies available to you and your fellow self-employed business owners.

This is even more important in creative fields because of the unpredictability and volatility of the career trajectory. Even in normal times, we all know those who thought their phenomenal youthful success would last forever, and sadly it did not. Meanwhile, too often they paid far more in taxes in their high earning years than they should have done and did not use the planning vehicles available, then had nothing left when their careers got cut short. Do not let that happen to you.

Below we will discuss four strategies high-income, self-employed freelancers can use to prepare for their financial futures while also minimizing their tax burdens. We are going to start at the top of the income ladder and work our way down. So, don’t get dispirited if you are not earning the kinds of numbers we are talking about. Keep on reading and hopefully, there will be something for you:

freelancing, retirement planning, self-employed

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WellAcre Global Wealth Advisors is a Registered Investment Adviser. Advisory services are only offered to clients or prospective clients where WellAcre Global Wealth Advisors and its representatives are properly licensed or exempt from licensure.  This website is solely for informational purposes.  Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by WellAcre Global Wealth Advisors unless a client service agreement is in place.