Why Every Photographer Needs a Retirement Plan (Even If You Love What You Do)

By Ben Lutze

Most photographers didn't get into business because they love spreadsheets, budgets, or investment accounts. We picked up a camera because we love creating images, telling stories, and building relationships.  The hard truth is that for all of us, one day we will take our last paid photograph.

Whether that day comes because you decide to retire, your body can no longer handle the physical demands of photography, or life simply takes you in another direction, your camera is not your retirement plan.  This also goes for our side hustlers and hobbyists, do NOT neglect your future self!  

Why Every Photographer Needs a Retirement Plan (Even If You Love What You Do)

The Entrepreneur's Challenge

Unlike someone working for a large corporation, entrepreneurs don't usually have a pension or 401(k), if you do happen to work for a company that offers these, make sure you are taking full advantage.  This means that it's going to take a little extra work (surprise!).  Like many things in life, our future (including retirement) depends almost entirely on the decisions we make today.  Planning for the future is one of those things that's so easy to put off until tomorrow, and then years later, you find yourself still in the same place.

The Most Powerful Tool Isn't Your Camera

Albert Einstein is often credited with calling compound interest "the eighth wonder of the world." Whether or not he actually said it, the principle remains incredibly powerful.  Compound growth simply means that your investments begin earning money—and then those earnings begin earning money too.

When you save and invest, you can think of compounding as having an extra employee working and making money for you.  Consider this example:

Let's say someone starts by investing $100 per month, and that they invest in a total US stock market index fund which averages 7.5% per year (inflation adjusted).  By the time they hit year 9, every month their investment is making more money than the $100 per month they are saving.  By year 17 more of their total investment value has come from compounding than from their deposits of $100 per month.  By year 30, their investment is making them about $850 per month. 

The tough part is that it is a long slow grind to get to the finish line and it is definitely not as much fun as a new lens.  But just as we have no problem making investments for our business, we need to make investments for our future as well.  As your business grows, you can increase your contributions. But building the routine early allows time to do the heavy lifting.

Treat Yourself Like an Employee

Retirement savings are an investment in future you. Imagine hiring an employee and never paying them. Eventually they'd quit. When you own your business, you're both the employer and the employee. Paying your future self should become just another business expense (hopefully the first one)!

Final Thoughts

Photography teaches us to appreciate moments that are fleeting—a beautiful sunrise, a family’s smile, or a landscape that changes with the seasons. We know that some opportunities only come around once.

Building wealth works much the same way. The earlier you begin, the more opportunity you give your money to grow through the power of time and compounding.

Whether photography is your profession or simply your favorite hobby, financial security gives you something incredibly valuable: the freedom to keep doing what you love. It means having the ability to travel, upgrade your gear, attend workshops, or simply spend more time behind the camera without worrying about your financial future.

You don't need to be wealthy to start investing. You simply need to start. The best time to start was years ago. The second-best time is today.

Bio

Ben Lutze specializes in school sports photography and is the PPGCS treasurer.  He is still trying to figure out what he wants to be when he grows up.  Through life’s twists and turns, he has been a dairy farmer, CPA, evil corporate overlord, and photographer although his favorite job is just being a dad.