Just two jobs away from full retirement. Yep, it's true, the old codger is FINALLY going to retire from the music biz. It has been a fantastic journey, as has been much of my life, and I loved every minute of every day that I had the privilege to perform in front of an audience.
In many ways, I, like many of you on this forum, would have loved to have worked until the day I died. I had a couple friends that actually died on stage - dropped dead while performing. One, who was on this forum (Jimsax) was playing at a marina job, wailing away on his sax to a midi file, and suddenly, fell to the floor. It was the last note he ever played. Jim was not the only one, but he was one of my closest friends and I really miss having him call me at least once a week for advice on his Tyros2.
Jim, however, was typical of most of the full-time musicians I've come across in my lifetime. Jim worked an average of 4 days a week, mainly doing nite club, marina restaurants, and a few private parties. His fees were in line with similar performers working that particular circuit, averaging about $150 to $200 for a 3 to 4-hour performance. He worked hard, he was a good entertainer, and loved every minute of what he did.
Unfortunately, Jim, like many others, did not claim his entertainment income, unless someone sent him a 1099 form, which on the nite-club/restaurant circuit, seems to be pretty rare. He was usually paid in cash, put the money in his pocket, then found fun ways to spend every penny. When he died, he didn't have a dime in the bank, no insurance, no checking account, no savings account and no retirement program other than Social Security, of which he got the minimum.
Jim's wife had a good job, selling new cars at a Chrysler dealership, and she was good at what she did. And, I've found this has been the case with many full time musicians in my part of the world, and I'm confident that is true in many other areas around the globe. Consequently, Jim could never have been able to retire, even with his declining health. He had multiple heart surgeries, and was in congestive failure for the last year of his life. He was advised by his doctor to retire, but he could not, economically. When he passed away, he was nearly $150,000 in debt with no prospects of climbing out of it.
When I first decided to become a full time musician/entertainer, I knew that I had to treat this as a business entity in every way, shape and form. Some of my friends told me I was crazy to claim all those private parties as income and that no one would ever know. However, I knew that you cannot have a tax write-off if you don't have the income to utilize it.
Additionally, for the past 30 years, at least, I have been contributing to my own, self-created retirement program. Each and every month, a certain amount was set aside to be put into a retirement fund, one that I hoped I would never need to access and could leave it to my wife or children upon my untimely demise. Well, as the old saying goes "The best laid plans of mice and men..."
So, here I am, physically shot to Hell. Asbestos got my lungs, lifting things heavier than my body weight shot my spine to Hell, arthritis is taking it's toll on the joints, and I've had a couple heart attacks. Mother Nature sent me a message - loud and clear. "Take time to smell the roses before the roses are placed on your casket."
Mother Nature gave me some good advice, a deal that I could not refuse. I called the company where I had invested my retirement funds, set up a 10-year payout program, which means that if I manage to reach age 85, I will have successfully pissed away all the kids inheritance money before I died. If I don't make it to 85, the kids and Carol will have fun with what is left over.
Retirement, at least for me, will not be boring, and not include sitting in a rocking chair awaiting the arrival of the Grim Reaper. Most of my remaining time will be spend sailing up and down the east coast of the US, at least as long as I am physically able. I'll take my music gear with me on the longer trips, play some marina jobs if I physically can, pick up some money for the cruising kitty and bar stock. And, yes, I will likely claim the income, but who knows, I may not - at this stage of the game, I don't think it makes a big difference to me.
When I'm too old to sail, I'll sell the boat, and probably sell the music gear as well. At that point, I might build a greenhouse next to the house and raise some exotic, tropical flowers. Seems like a good plan to me.
So, if you are among those individuals that have not set up a retirement plan, I strongly suggest doing it while you still have a few years left in this wonderful life of being a full time musician/entertainer. I would hate to think what I would do if I had not taken this very important step toward retirement - it IS retirement 101.
All the best,
Gary
Previous Topic
Index