I’m 40 and I Haven’t Started Saving for Retirement — a CFP Explains the First Steps I Should Take

Core Insights - Nicholas Logan, a 40-year-old actor, faces financial challenges despite artistic success, particularly regarding retirement savings [1][2] Group 1: Financial Situation - Logan has saved $40,000 but is also managing $20,000 in student debt from NYU [2][5] - His income primarily comes from low-paying theater gigs and freelance work, making it difficult to save consistently [2] Group 2: Retirement Planning Advice - A certified financial planner (CFP) suggests that Logan should not panic, as many in creative fields lack financial education [4] - It is recommended that Logan create a clear financial picture by listing assets, savings, and debts [5] - Establishing an emergency fund is crucial, typically covering three to six months of expenses, before considering retirement investments [6]