I'm curious to hear what everyone's plans and experiences are when it comes to planning for retirement in the film industry.
How common are Traditional and Roth IRA's?
What retirement does IATSE provide?
What can freelance DP's expect with Social Security?
What is the average age of retirement for DP's? Do they ever truly retire?
Hopefully we can hear perspectives from the full spectrum; those who are nearing retirement, those mid-way to retirement, and those just beginning in the industry.
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To get things started, I'll share my experiences.
I currently have a Traditional IRA that was originally a 401k with the movie theatre company I worked at as a projectionist. Currently, I'm a freelance DP in LA. I won't say I'm exactly raking in the income, but I'm definitely staying a float with my primary source of income from cinematography. That being said, I annually make contributions to my IRA.
My plan is to keep saving into my IRA and retire around 68 or 70 years. Of course, I hope to live past 80, but I'd rather assume the worst and figure it out from there.
I do intend, current political climate excluded, to draw from US Social Security upon retirement age. However, I want to play it safe by eventually contributing the maximum annual amount to my IRA. Of course, that's close to 40 years away from me, so I need to manage my expectations during the coming decades.