Retirement Planning For Cam Models by Empress Mika

Empress Mika

How Webcam Models Can Save For Retirement

As a cam model, you are self-employed. This means that you are fully responsible for preparing for and funding your own retirement account in its entirety.

This is as oppose to a typical employee in which a company sets up a 401k, many of which do 401k matching. Unfortunately, as a self-employed cam model, we do not receive any such benefits so it is more important than ever to be especially prepared for retirement.

Please enjoy my Question and Answer article regarding retirement. I hope this is useful for you.

 

Why Save For Retirement?

1. Retirement Comes Faster Than You’d Think: Retirement can seem like a long way away or something to worry about later in the future. However, this cannot be further away from the truth. Life, despite how it may seem now, especially if you are really young, happens very fast. Before you know it, you are going to want and/or need a retirement savings for yourself or even other family members. Put another way, once you get older, you are going to wish so badly you saved something for retirement.

2. Possibility Of Retiring Early: Having a retirement savings started early, looking at it from an exciting stand point, may enable you to retire earlier than the average person, if that’s what you choose. If you’re really young and become really successful with cam modeling, wouldn’t it be awesome to retire at age 30? 40? Or, even if you don’t fully retire, knowing you can retire has a power of its own. Even if you are not young, however, something is better than nothing. Start today!

3. Injury / Loss Of Work: On a less positive note, however, something may happen to you which will prevent you from continuing to work for a portion of time or permanently. This could be to a something such as sustaining an injury. This is not meant to scare you, but only to demonstrate in another way how important it is to save for the future, especially retirement, starting now. You never know what cards life will deal to you.

 

How Do You Begin Saving For Retirement?

Retirement for self-employed cam models is best done with whats called an IRA account or a Roth IRA account. IRA / Roth IRA is best for retirement because the money there can be used to purchase investments such as stocks as oppose to simply sitting there.

Of course, this means that the money cannot be used before age 59.5 without a hefty tax penalty. Remember, this is for retirement.

If you are in a situation where it is best to have access to your money at all times, a traditional savings account is best. However, I highly advise this only for as temporary a solution as possible. You will want your IRA investments working for you as soon as possible. Put another way, money in a savings account is going to just sit there. Money in your IRA is likely to grow steadily over the years with your investments.

 

What Is The Difference Between IRA and Roth IRA?

The difference between an IRA and a Roth IRA is in your taxes. With a traditional IRA, you can contribute up to $5,500 per year that can be used as a tax deductible.

With a Roth IRA, money you contribute cannot be used as a tax deductible. However, you are not taxed on the withdrawal of your IRA when you take it out in your retirement.

Basically an IRA is best if you feel your current tax rate is higher than what you’ll encounter in retirement whereas a Roth IRA is best if you feel you are in a lower tax bracket than you’ll encounter in retirement.

 

How do You Actually Open An IRA / Roth IRA?

Opening an IRA or Roth IRA can be done with any online brokerage. I myself use and recommend E*TRADE.

I hope this article helped address the topic of retirement as a cam model. Best of luck!

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Empress Mika
Empress Mika 21 posts

Empress Mika is a successful online female dominatrix that indulges in FemDom fetishes both in clips as well as live on cam. She owns the ultimate FemDom resource website for both Dommes and subs: DommeSource.com. Empress Mika as well as DommeSource are proud to partner and collaborate with Webcam Startup.

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