Independent teaching and retirement

[Bob]

Are you able to save toward retirement as a private teacher?  Not just make a living, but save enough for later?

[pianistimo]

if you only take cash after 50.  just an idea.  shhh.  i'm sorta joking - but hey, if you are trying to survive - i really don't know how this would be possible at age 66 without taking some cash and investing it or something previously.  offshore accounts. 

seriously, i'm not an investor - but i've noticed that pharmaceuticals don't seem to be hurt by anything.  people take drugs when they don't feel well - and the economy is making a lot of people not feel well. 

ok.  there is the idea of living off the land - or off of a boat.  no mortgage, homeowner's typical fees, just docking, gas and food and occasional fishing to supplement.  you put the piano on the houseboat and voila'.  instant retirement.

[luvslive]

This post just made me smile   Seriously.  My mom was talking to me the other day about her plans to get into medical transcription..and told me maybe I would like to try something of the sort.  I have a roth IRA but know that I will need more than that to retire.  Its good that I started putting away money early in life.  This is what I wish the general public understood about our profession, there are really no monetary benefits!  Though I LOVE creating my own schedule, rates and in the end, my own "destiny".

[pianowelsh]

Piano teachers dont retire - they die! ...who told you they retire???!  Ive decided im going to sell my sould when im 65 and fold up my teaching practice and get a job teaching group piano on a cruise ship and travel the world till I pop off! - maybe

[cjp_piano]

Yes, I just turned 28, have been teaching for around 6 years, and I started saving for my retirement 3 years ago.  Right now I have a Roth IRA consisting of several mutual funds.  I contribute to it once a month, and as of today it has grown 15% for me   

[ramseytheii]

Yes, I just turned 28, have been teaching for around 6 years, and I started saving for my retirement 3 years ago.  Right now I have a Roth IRA consisting of several mutual funds.  I contribute to it once a month, and as of today it has grown 15% for me   

Very impressive!  I know so little about finance.  What are Roth IRAs?  And also, if you don't mind me asking, how much percentage do you put aside each month for savings?

Walter Ramsey

[cjp_piano]

Just around 5% right now, not very much, but it adds up 

[a-sharp]

haha - not yet.

cjp_piano - you are awesome. Good for you!

[cora]

Bob, I would have loved to read your post. All I see is one line of it. I try to click on the heading, and still I see nothing more. Please help.

Pianistimo, that's so funny!

My teacher had to keep teaching until she was 78. And she had the benefit of inheriting her home from her parents. This she sold in order to live in a seniors' home.

I don't think retiring is an option for me. And lordy, I just turned 40, too.

[Bob]

Are you able to save toward retirement as a private teacher?  Not just make a living, but save enough for later?

That's all my first post on this thread is.