There are many people who get involved in the bartending career and they enjoy what they do. With that said, there are very little incentives and benefits in terms of bartender career retirement. This is specially an issue when a bartender is a freelancer.
There are several things that a bartender can do to secure a retirement fund. The most relevant and ideal is to setup an account for that purpose alone and to put as much money into as possible each month.
With that said, we are going to provide some important tips that should be very helpful for this purpose. It is essential to be able to see this as a very important and relevant part of your bartending journey. The sooner you commit to ensuring a good retirement, the better the results.
The IRA option can be a viable choice for bartender career retirement
This option seems to be the most reliable when it comes to setting your retirement up as a bartender. IRA stands for Individual Retirement Account and you can contribute to this account without any tax deductions. If you want to withdraw from this account, you will also be able to do so tax-free.
This is the working man’s solution and it proves to be the way for any freelance bartender to achieve results. If you are looking to secure your future, this is one of the first options you should consider if your salary is $116,000 or less. This article offers some extra insight on the subject and it is worth considering this option in certain situations.
It is important to ensure that you are able to make a budget
One of the most common things to see with freelance bartenders is that they don’t even know how much money they make monthly. Working with many clients each month and stacking those tips in their pockets can easily lead to this confusion.
This article by Liquor can help you understand the details on how to set up a budget based on your earnings. It is very important to be aware of how much you are making if you want to be saving money for retirement.
Even those small tips of $10 should always be accounted for and you should avoid expenses that are not tracked. If you feel it is hard not to spend before budgeting, at least save the receipts for any expenses. Even if you just buy a small chocolate bar or some juice. It all should go into your earnings to create an ideal budget.
One of the issues for freelancing bartenders is that they rarely make the same amount of money every month. Sometimes they earn a bit less than last month, and other times they earn way more. The idea is for you to keep track of this monthly in order to keep proper track of the situation. This will help immensely when considering bartender career retirement.
How to get in the mindset to save for bartender career retirement
One of the biggest issues many people have is that they feel that retirement is far away on the horizon. Even people in their early 40s feel this way, but it is a bad idea to see things like that. You really need to start thinking about the importance of saving for retirement.
This is one of the biggest regrets of people over the age of 60 who end up with serious financial issues for not preparing. Not only is this an issue that makes their lives difficult, but at that point the energy and drive to work hard is no longer the same in most cases.
The best approach to start saving for your retirement is to take 10% of your earnings monthly and save it. Doing this for several years is going to allow you to start seeing substantial savings.
It is crucial for you to have the mindset of that 10% monthly. You need to pretend that this money you never had in your pocket. It should go straight into your retirement fund and it should stay there. This is going to prove to be very powerful and the amount of money you can save is quite substantial.
Keep in mind that this is meant to go to the savings that will help you retire without worries. It should be as elemental as medical insurance and it is going to give you some much-needed peace of mind.
Is bartending a job someone could still do after bartender career retirement?
There is no rule stating that bartenders need to be a certain age. With that said, the highly demanding pace of bartending makes it a job for younger people predominantly. This is not to say that someone in retirement can’t be a bartender. The issue is that the level of enthusiasm and energy you bring may not be optimal.
This type of job requires you to be on your toes for the entire event you are bartending. If you feel that you ah vet e energy and motivation for it, you can bartend at any age. With this said, it is likely that most bartenders will want to retire by 60 or 65.
How do I hire a good bartender?
There are many people who consider the importance of being able to hire a quality bartender for events. You will find that this is going to be extremely relevant if you want a successful event.
The best approach is to take your time and do some homework regarding the existing options in your area. If you are unable to do this, you will choose someone randomly and this can easily lead to disappointment.
The great thing is that the internet makes this process easier for you now. Once you find a few bartender options, you can check out their customer service satisfaction with past customers. You can also check their social media and website presence to see how serious they are about their profession.
Hiring a good bartender should not be too hard once you are able to consider the best way to research. There are many talented people out there and you just have to take the time to see your options.
Where is the best place to work as a bartender?
There are many bartenders that will tell you that the best place to work is the one that pays more. Others will tell you that the best place is one with a small clientele of elite people who tip high and don’t get all rowdy. Then you have those bartenders who will tell you that the best location is the one that gets packed with tons of guests for more tips.
At the end of the day, what this means is that the best place depends on each person. You can’t find yourself in a situation that is ideal for you if you feel that it annoys you. The best thing is to look for jobs and events that offer the type of location and environment you like.
Once you do this, it will be much easier for you to find yourself in a situation that makes sense to you. One that allows you to have the comfort in terms of location that you prefer.
What is a high end bartender called?
The high-end bartender is someone who has shown to be very skilled and reliable for many years. This is the kind of bartender that charges the most amount of money per hour. The best thing about reaching this relevant status is that the bartender is no longer just another option. This particular bartender becomes the best option available.
Before you even consider starting your journey as a high end bartender, this article can give you some essentials you need to know about the profession. The idea is for you to work up to the point of bartender career retirement and have a great run in this industry. Perhaps the most important thing, the high-end bartender is someone who knows how to handle their emotions.
What is a freelance bartender?
Understanding the different between a freelance bartender and an employed bartender is important. When someone works as an employee for a specific business, this is a very limiting situation. You need to consider the many factors that will play a role in being an employed bartender.
If you can land a high paying job, this could be tempting-. The issue is that this means you are only relying on that one paycheck. The bad news with that is that you could end up in a very difficult situation. We have all seen how employment can be gone in the blink of an eye.
This is the reason why many bartenders are choosing to go the route of freelancing. This allows them to work for many different events and their earnings are never limited. The biggest drawback with freelancing is that you need to find your own clients. This can be difficult at first, but it will be ideal once you gain some momentum. This is all important before you consider bartender career retirement.
How much do you tip a bartender at a private party?
The tips you give to a bartender are very important because this is the extra money that really helps. Most bartenders will put money on their retirement fund from what they earn with tips. This is one of the reasons why a good tip can be anything between $20 and $50, but that is not to say that a $10 is not accepted. With that said, anything lower than that could be a bit too low.
The tips are a very relevant part of the bartender income and in some cases, it is the tips that matter most. Guests should keep this in mind and tip when they have the possibility and if the bartender did a great job.
How many bartenders do you need for 50 guests?
Some events that are going to require more than one bartender and this depends on the number of guests. With that said, other factors such as the type of drinks and the number of drinkers also influence the outcome.
The number of people that you bartend for is always going to prove to be extremely important. Usually, dealing with more than 50 guests can lead to the need for two bartenders. If you have more than 100 guests, 3 bartenders could be necessary. This is a good way to start looking at proper options for bartending. You should look for someone who is able to provide a quality service at accessible costs.
Is bartending still a profitable job?
Yes it is and you can really start to see substantial income from freelancing in this industry. This used to be considered risky, but now the world caters to freelancers. This is the case now much more than it does to full time employees of a single business.
There are many ways to promote your services in bartending in order to stand out. It is important to note that this requires that you take some time to learn some basics on digital marketing. Once you do that, it will be much easier for you to see the results you want and need.
The main thing any freelancing bartending needs to learn is how to attract new customers. You can also expect word of mouth to become an essential part of your journey. The better you are with your services, the more likely it is that current clients will recommend your services.
This article gives you some great reasons why event bartending is an awesome profession that is still quite profitable too.
Party Shakers is ready to be the team of bartenders for your next event
At Party Shakers, we are a bunch of young and energetic people who love bartending. With that said, we take our jobs seriously and we also think about our future. This means that you can expect us to be disciplined and to provide the kind of service that you expect.
We will be more than happy to ensure that your next event is a total success. Contact us and let us know what you need and when you need it.
Questions and answers on bartender career retirement
The best bartenders are not difficult to hire if you know how to search the internet. A good way to know if a bartender is good is to see their online presence. Look at their past customers reviews and see how they handle their social media.Â
The best place to work as a bartender is the one that allows you to earn more with the least amount of stress. There are many situations that can be stressful for bartenders and this usually involves people and drinking. The place that some people find to be difficult to work could also be the best place for others.
This is someone who is very good at the job they do and they understand the importance of quality services. A high end bartender is always someone that is reliable and easy to work with. Someone that is going to be ready to handle any type of event without issues.Â
Final thoughts on bartender career retirement
If you want to retire as a bartender with enough money to live well, you need to start saving early. This is going to be extremely important and it will give you the opportunity to get that much needed peace of mind.
At Party Shakers, we are very responsible and aware of the need to secure our future. This is the reason why our services are always going to be provided with optimal commitment.
