Artist & Musician Retirement Calculator
Plan your retirement with irregular income streams. Account for royalties, gig work, teaching income, and self-employed savings strategies designed for creative professionals.
Income Sources
Savings & Retirement Accounts
Creative Career Expenses
Retirement Readiness Score
You are on a strong path to retirement. Your savings strategy and diversified income streams position you well for financial security as a creative professional.
Projected Savings
$1,406,971
Money Lasts
37 years
Total at Retirement
$1,406,971
at age 67
Monthly Retirement Income
$6,265
from savings + SS + royalties
Current Savings Rate
11.76%
of total income
Money Lasts Until
Age 104
37 years in retirement
Projected Savings Growth
Total retirement savings by age across all accounts
Retirement Account Breakdown
Growth of each account type over time
Income Sources
Where your creative income comes from
Total
$68,000
Primary Art/Music Income
66%$45,000/yr
Gig Income
18%$12,000/yr
Teaching Income
12%$8,000/yr
Royalties/Residuals
4%$3,000/yr
Retirement Account Allocation
How your savings are distributed at retirement
Total
$1,406,971
SEP IRA
55%$770,212/yr
Solo 401(k)
2%$21,788/yr
Roth IRA
34%$475,204/yr
Taxable Savings
10%$139,767/yr
Annual Income vs. Savings Contributions
Track how much of your income goes toward retirement each year
Year-by-Year Breakdown
Detailed savings projections by age
| Age | Income | Saved | SEP IRA | Roth IRA | Total Balance |
|---|---|---|---|---|---|
| 35 | $68,000 | $9,000 | $15,700 | $11,025 | $35,750 |
| 40 | $75,077 | $9,799 | $52,463 | $33,729 | $104,503 |
| 45 | $82,892 | $10,666 | $107,194 | $67,474 | $205,748 |
| 50 | $91,519 | $11,601 | $187,456 | $116,902 | $352,954 |
| 55 | $101,044 | $12,611 | $303,890 | $188,545 | $565,038 |
| 60 | $111,561 | $13,699 | $471,458 | $291,588 | $868,559 |
| 65 | $123,173 | $14,871 | $711,191 | $438,935 | $1,300,799 |
| 66 | $125,636 | $15,116 | $770,212 | $475,204 | $1,406,971 |
Personalized Insights
Actionable recommendations based on your numbers
Moderate income variability at 35%
Some fluctuation is normal for creative professionals. Maintain a 6-month emergency fund and consider automating retirement contributions as a fixed percentage of each payment received, rather than a fixed dollar amount.
11.76% savings rate — room to grow
You are saving a decent amount, but aim for 15-20% to build a comfortable retirement. Consider increasing contributions during high-income years. A SEP IRA allows up to 25% of net self-employment income, which is ideal for years when a big commission or tour pays well.
Consider a Solo 401(k) for higher contribution limits
A Solo 401(k) allows both employee deferrals ($23,000) and employer contributions (25% of net income), often exceeding SEP IRA limits for income under $100,000. You could potentially contribute up to $33,750/year vs. your current $5,000 SEP IRA contribution.
Health insurance costs $500/month
Without employer coverage, health insurance is a major expense for creative professionals. Before Medicare eligibility at 65, explore ACA marketplace subsidies, artist union health plans (like MusiCares or Freelancers Union), or part-time positions that offer benefits. This expense alone costs $192,000 over your working years.
Royalties provide $3,000/year in passive income
Royalties and residuals are a unique advantage for creative professionals. This income can continue into retirement, reducing the amount you need from savings. Focus on building your catalog — music licensing, print royalties, and streaming revenue create long-term passive income that works while you rest.
Your projected income covers retirement expenses
Between Social Security, continued royalties, and a 4% withdrawal from savings, your retirement income is projected to meet or exceed your needs. This gives you flexibility to continue creating art without financial pressure.
Self-employment tax adds 15.3% on top of income tax
As a self-employed creative, you pay both the employee and employer portions of Social Security and Medicare tax (15.3% on net earnings up to $168,600 in 2024). Deducting half of SE tax and maxing out retirement contributions are your best tools to reduce taxable income. Consider quarterly estimated tax payments to avoid penalties.
Teaching adds $8,000/year in stable income
Teaching, workshops, and mentoring provide predictable income that balances the variability of creative work. Many successful artists maintain teaching alongside their practice throughout their career. Consider adjunct positions at colleges, which may also offer retirement plan access and health benefits.
Savings projected to last 37 years in retirement
Your retirement savings are projected to sustain your lifestyle for a long retirement. This provides a strong financial foundation that lets you continue creating without financial stress.