Entertainment Industry

Latest from the Entertainment Industry

April 17, 2019

Very Independent Filmmaking

by Samantha Simmonds-Ronceros
April 04, 2019

The Lodge

by Raleigh Barrett
March 26, 2019

Very, Very Independent Filmmaking - Finding a Story and Your Film.

by Samantha Simmonds-Ronceros
March 19, 2019

Jae Blaze Is Dancehall Dynamite

by Lisa Bianconi
March 19, 2019

Play Reading vs Staged Reading

by Fran Montano
Seascape III, 2018; Tyrone Layne
March 04, 2019

De Plume: Tyrone Layne | Dystopia

by Raleigh Barrett
February 26, 2019

Boy Boi is Jazzy

by Lisa Bianconi
via Samantha Ronceros
February 12, 2019

Very, Very Independent Filmmakers - Where Did All the Passion Go?

by Samantha Simmonds-Ronceros
January 29, 2019

LA Art Show

by Raleigh Barrett
January 28, 2019

Business of Acting 2019

by Fran Montano
December 27, 2018

Los Angeles Municipal Art Gallery (LAMAG)

by Raleigh Barrett
December 20, 2018

Exercises you can do at home – Character Fantasy #4

by Fran Montano
December 10, 2018

Becoming an Overnight Success - One Decade at a Time

by Samantha Simmonds-Ronceros
November 26, 2018

The Montalbán: Shades of Water

by Raleigh Barrett
November 20, 2018

Exercises you can do at home – Personal Fantasy - #3

by Fran Montano
November 08, 2018

Whole for the Holidays

by Luckie
October 30, 2018

Cabinet of Horrors

by Raleigh Barrett
October 29, 2018

Discovering Yourself as a Director

by NoHo - North Hollywood
Thursday, 10 November 2016 03:21

Retire responsibly and boost savings!

Written by
Rate this item
(1 Vote)

Retire responsibly and boost savings!

As Americans, we can take pride in the many things we do well. We work hard. We have excellent hospitals and universities, and we entertain the world with the movies we make. But there's one thing that we could all do better -- and that's saving for the future.

Of course, if you are already saving for your retirement through your employer-sponsored savings plan, each contribution you make brings you closer to your retirement goal. But are you saving as much as you can?

If you need a reason to get serious about saving more, consider this: Today the average Social Security retirement benefit was just $1,329 a month at the end of 2014.1 Given the uncertainty surrounding the Social Security system, maybe it's time to rethink your own saving habits.

Here are three quick ideas for giving your retirement plan a boost.

  1. Apply a raise or bonus to retirement savings. Consider boosting your contribution rate with each increase in pay you receive. Making voluntary increases a habit year in and year out could bring you that much closer to the maximum contribution allowed by your employer (in most cases that is $18,000 in 2016 plus an additional $6,000 in catch-up contributions that are allowed for workers age 50 and older).
  2. Cut back household expenses. You may be surprised by how quickly small savings can add up. Things as simple as brown-bagging lunch, switching from brand name to store brand items, and doing away with premium cable channels can make a noticeable difference in your monthly cash flow. Setting up a monthly budget of income and expenses may help you find ways to cut back more.
  3. Forgo a tax refund. In 2015, the IRS estimated the average tax refund check to be a little over $3,000.2 If you typically get a tax refund, consider revising your W-4 form to reduce your withholding. Your paycheck will grow, which means you may be able to increase the amount you save in your employer's retirement plan.

You can probably think of other ways to save, such as paying off credit card debt. It really doesn't matter how you save, the important thing is to build your retirement account in ways that work for you.

1Social Security Administration, "Fast Facts & Figures About Social Security, 2015."

2Internal Revenue Service, "Tax Refunds Reach Almost $125 Billion Mark; IRS.gov Available for Tax Help," IR-2015-34, Feb. 26, 2015.

Read 1707 times Last modified on Thursday, 10 November 2016 03:25
Lillian Appleby

Lillian Appleby, C(k)P, PPC
Lillian Appleby, C(k)P, PPC is a managing director at Angeles Retirement Consulting, LLC and branch manager/registered principal at LPL Financial.  Lillian has been a licensed wealth manager and retirement planner since 1990.  Securities and advisory services are offered though LPL Financial, a Registered Investment Advisor.  Member FINRA/SIPC. For hyperlinks to FINRA and SIPC, www.finra.org and www.sipc.org.  Third party posts found on this profile do not reflect the views of LPL Financial and have not been reviewed by LPL Financial as to accuracy or completeness. For a list of states in which I am registered to do business, please visit www.lillianappleby.com

Leave a comment

Do you have an event, video or news to share?  Drop us an email and you may see it on NoHoArtsDistrict.com