I've been self employed since 1975, but not always as a full-time, musician/entertainer. I've also made a good living as a full-time freelance outdoor writer, a freelance radio newscaster, and as the owner of a moderate sized sporting goods store that specialized in fishing, boating and hunting equipment.

When I left the field of cardio-pulmonary medicine in 1975, that was my last regular paycheck. It was also the last time anyone other than myself contributed to my social security and retirement. However, it was the same time when I set up my OWN retirement account, so that one day, I hoped, I could stop working for a living. That day has not come.

Over the many years I've been on this forum, I've tried to encourage forum members to create a retirement account. And, anyone that believes they can live off Social Security obviously believes in the Tooth Fairy. It's not at all difficult to set up an IRA, or any other forum of retirement account - but I was amazed at the number of full-time musicians that I've come across over the year that have not done this. Then, when health issues forced them to retire from music, they had to either take a reverse mortgage on their home, or in some instances, sell their home and move in with their children.

I treat my retirement account just like it was the electric bill. I used to pay it monthly, but now I pay it annually in one lump sum, and I contribute all that I can legally pay into it. That works out to about $100 a week - which is usually less than I spend on a couple meals at Red Lobster for Carol and I. (I hate Red Lobster food!)

Now that I have surpassed my 71st birthday, the law requires that I take out a minimal amount from my retirement. The feds don't like it if you don't do this, so they made it a law. However, I still continue to make the same contribution, which is more than I withdraw. And, there's no law against that. Consequently, the amount of the minimal withdrawal has increased over the past few years, which is great, because the cost of living has increased as well, so in a sense, I merely break even, which is better than most folks do on Social Security.

My point is, IF YOU HAVE NOT SET UP AN IRA, AND YOU ARE A FULL-TIME MUSICIAN ENTERTAINER, you are, or will be, in deep $hit in the very near future. There's an old saying about life that really puts a good light on this subject "Life is like a roll of toilet paper - the closer you get to the end of the roll, the faster it comes off!"

Nothing is forever, including my, or your, job. I suspect that one day, the NH circuit of the musical entertainment field will no longer exist, and if that day comes while I'm still performing, well, I'll sell my stuff to DNJ and sail to the Florida Keys where I'll retire to a life of sailing and fishing, or just drinking Margarettas and sitting on the deck in the sunshine.

Cheers,

Gary