Resources
This is an evolving list of our favorite resources to support artists with financial planning and retirement. We will continue to add new links periodically.
If you’re someone who feels anxious, easily distracted, or out of your element when thinking about money, you’re not alone. To help you approach these topics with a bit more ease, consider checking out this short 2-minute meditation before you dive in.
Need something you don’t see here? Have a resource to share? Let us know by emailing us at info@goldeneggchicago.org.
Finance for Freelancers
Illinois Secure Choice (website/retirement program)
A state-facilitated retirement program that offers a way for workers age 18 or older to save for retirement through a Roth Individual Retirement Account (IRA). Participants can self-fund their accounts. Illinois Secure Choices offers standard default options for those who wish to take a more hands-off approach, or participants can customize their accounts including their investment options.
Illinois Secure Choice is overseen by a seven-member public board chaired by the Illinois State Treasurer and administered by a private-sector financial services firm, Ascensus. Participants funds are kept in a trust outside of the State Treasury and are managed by professional investment managers.
Illinois Financial Wellness Hub (website/free resources)
Tools and resources to help you learn about saving, managing debt, buying a home, retirement, estate planning, Social Security, and investing. It’s free to create an account, but be sure to review their privacy policy before sharing your personal information.
Nerd Wallet: 5 Self-Employed Retirement Plans to Consider (15 minute read)
Outlines some of the most common retirement options available for self employed individuals.
Fidelity: Which IRA is right for you? (10 minute read)
Compare Roth and traditional IRA features side-by-side to help you find your best fit.
Fidelity: Retirement Decision Guide (free online tools)
If you have a Fidelity account, you can log in to set up a personalized retirement plan online. Without an account, you can still use their online tools (like this Retirement Income Calculator) to see how much money you should plan to invest to create your ideal retirement lifestyle.
Setting up your freelance finances: an action plan (25 minute read)
Blog post from the Freelancers Union that provides a step-by-step guide to help freelancers get their finances in order. It reads a little like a choose-your-own-adventure story and offers some great actionable tips. Note: This article was co-published by Joust, a financial services company for freelancers.
Get Shameless About Money! (free online resources/workshops)
Pamela Capalad CFP® AFC® and Dyalekt offer free workshops, guides, and tips on financial planning, specifically designed for people of color. Their resources help individuals heal their relationship with money, navigate a predatory financial system, and build generational wealth.
Weird Finance (podcast)
Weird Finance explores the often intimidating terrain of money, finances, and economics and how these invisible forces shape each person’s ideas about themselves and the world around them. Hosted by author, illustrator, and musician Paco de Leon.
Setting Up an IRA
Whether you're opening a retirement account in person or online, most providers have made the process quick and easy. It should take 15 minutes or less to get started.
Choose which type of IRA you want to set up (traditional IRA or Roth IRA). If you need help deciding which IRA is best for you, you can visit a bank/financial institution in person or check out this guide.
Pick a financial institution. You can open an IRA at a bank, credit union, brokerage firm, or online investment platform. Consider factors like account fees, investment options, and support services.
Fill out an application in person or online. You'll need to provide basic information, such as your name, Social Security number, and employment information. Some financial institutions might also require a current photo ID.
Decide how to fund your account. You can transfer funds from an existing bank account, roll over money from another IRA or 401(k) plan, or make a lump sum deposit. You can also set up a contribution schedule, like monthly transfers from your checking or savings account.
After setting up your IRA, you can regularly monitor and contribute to it to help grow your savings.
Bank Rate: Best IRA Accounts
A list of the best brokers or robo-advisors to use when you’re setting up a traditional IRA or Roth IRA.
Note
The information provided here is for general informational purposes only and is not intended as financial advice. We are not licensed financial professionals. It's always a good idea to consult with a certified financial advisor or professional before making any financial decisions.