Five Life Stages: Paths to Saving for Retirement

 

Five Life Stages: Paths to Saving for Retirement

by Peter Gallagher
 
 

“Success is never owned; it is only rented – and the rent is due every day.” - Rory Vaden

 

Musicians know as well as any professional that there is
always room to improve. Many musicians spend hours in
the practice room trying to obtain “success”. However,
success is fleeting; once you have been chosen to play in
an orchestra section, or called by a contractor to go on
tour with a major jazz group, you still need to practice to
meet the standards of success.

As your responsibilities
increase, you may practice your instrument a little less
often, however, you know there are some things that you
always need to do with your instrument on a regular basis
just to keep your skills up and “cover your part.”
The same is true with retirement planning. Since everyone
has a different idea of what their retirement years means to
them, there are no set standards for “success” in retirement
planning.

Similar to the music profession, there are some
things that that you can do in retirement planning to
“cover your part.” One of the main things to remember is
that you will most likely need to self-advocate. There are
very few employers, including arts organizations, that offer
traditional pensions anymore.


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