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Retirement

An interesting new retirement community for performing artists recently opened here in Vancouver, called PAL – Performing Arts Lodge.

Our core purpose is to provide and sustain affordable housing, with support and creative options, for seniors and the disabled from the performing arts and allied industries. Our vision starts with providing a safe and secure home for senior artists in an affordable and supportive environment. We are also building and equipping a 100 seat studio theatre on the 8th floor so that our residents can continue to work creatively. We envision that this will also be a place where other professional performers and performing arts companies can perform.

PAL has chapters in about a half-dozen Canadian cities so far. Here’s a great article which interviews many of the residents there. I’m only 38, but it’s got me thinking about retirement a lot lately.

Does anyone know of anything like this for those of us in the visual arts? Are there other communities similar to PAL in other cities? Other countries? Here’s more on that from PAL administrative manager Val Mason:

“We get calls all the time from people in the visual arts community, like painters and artists wanting to apply, which proves the need to build affordable housing for other professions, like the literary world. At PAL we were simply lucky that we ended up with a great location, but similar buildings could be built elsewhere where there is re-development.”

It’s sad but true: those of use who have chosen to pursue careers in the arts have also chosen a path that is a financially harsh one. We’ve all heard about comic book artists or illustrators or animators who died penniless, alone, sick, even homeless. It’s never a happy tale. Some were smart and invested wisely early on allowing them to retire comfortably, such as comics artist Lee Holley (thanks Jay!), but he’s one of the exceptions rather than the rule. (EDIT: Yikes! Upon re-reading what I posted, I realize how grim I sound above! I certainly did not mean to suggest we’ll all die alone and penniless because we draw for a living!)

To the rest of us illustrators, no matter your age: What are YOUR retirement plans? Are you able to stash away some money every month? Do you have any long-term plans? What about health and medical? How about plans for shared housing?

Please share your thoughts and ideas in the comments.

OK, now back to our regularly scheduled program. Hope I didn’t depress everyone!

  • http://www.groveartworks.com/ jaleen

    I married another artist – double trouble! We got lucky and had fulltime employment j..u..s..t long enough to qualify for a mortgage based on 5% down payment – we jumped. Before the sale had even closed I had lost my job – we knew life in the arts was like that! – but didn’t tell the bank of course. 5% down payments are stupid – you end up paying double for the place n interest, unless you keep paying down principle. In our case, the market shot up and we just sold at a good profit. But we couldn’t afford to upgrade to a place big enough for two studios in the same city… so we’ve just taken a sort of early retirement by buying a place 2.5 hours from Toronto and Montreal. It’s cheap. And big. We have to keep working, but now telecommuting or traveling to whatever city we need to work in for short contracts (few day to a couple months). But at last we can set up studios and not wonder how long before we have to move again…. Where ever you are, don’t fall for buying real estate in stupidly, illogically priced placed (Vancouver, ahem!) That the fastest moneysucker ever.

  • http://www.groveartworks.com jaleen

    I married another artist – double trouble! We got lucky and had fulltime employment j..u..s..t long enough to qualify for a mortgage based on 5% down payment – we jumped. Before the sale had even closed I had lost my job – we knew life in the arts was like that! – but didn’t tell the bank of course. 5% down payments are stupid – you end up paying double for the place n interest, unless you keep paying down principle. In our case, the market shot up and we just sold at a good profit. But we couldn’t afford to upgrade to a place big enough for two studios in the same city… so we’ve just taken a sort of early retirement by buying a place 2.5 hours from Toronto and Montreal. It’s cheap. And big. We have to keep working, but now telecommuting or traveling to whatever city we need to work in for short contracts (few day to a couple months). But at last we can set up studios and not wonder how long before we have to move again…. Where ever you are, don’t fall for buying real estate in stupidly, illogically priced placed (Vancouver, ahem!) That the fastest moneysucker ever.

  • http://lifeinaustin.blogspot.com/ xadrian

    I’m in my mid thirties and I haven’t been able to save anything. I work a day job doing network support and only draw on weekends and evenings (and during meetings and lunch time…) I also have two kids so first is their education. My guess is I’ll retire from the work a day world and then just try to survive on social security and drawing, provided my hands/wrists aren’t shot by then.

    I should be putting into my company’s 401k, but I need that money to pay bills. Catch 22.

  • http://lifeinaustin.blogspot.com xadrian

    I’m in my mid thirties and I haven’t been able to save anything. I work a day job doing network support and only draw on weekends and evenings (and during meetings and lunch time…) I also have two kids so first is their education. My guess is I’ll retire from the work a day world and then just try to survive on social security and drawing, provided my hands/wrists aren’t shot by then.

    I should be putting into my company’s 401k, but I need that money to pay bills. Catch 22.

  • http://lifeinaustin.blogspot.com/ xadrian

    Oh, also just a reminder that at least for comic book artists, there’s the Hero Initiative which “…has been established to provide monetary assistance to former comic book creators requiring supplemental health, medical, and quality-of-life assistance.”

    I wonder if there are cartoon or illustrator or graphic design organizations that do the same thing?

  • http://lifeinaustin.blogspot.com xadrian

    Oh, also just a reminder that at least for comic book artists, there’s the Hero Initiative which “…has been established to provide monetary assistance to former comic book creators requiring supplemental health, medical, and quality-of-life assistance.”

    I wonder if there are cartoon or illustrator or graphic design organizations that do the same thing?

  • http://www.upso.org/ upso

    i think i will work until i die, but not because i have to as much as because i want to. i can’t imagine how insane i would go if i didnt have any work to do.

  • http://www.upso.org upso

    i think i will work until i die, but not because i have to as much as because i want to. i can’t imagine how insane i would go if i didnt have any work to do.

  • http://peterkrauseillustration.com/ peterkrause

    xandrian…please, I implore you to put away money for yourself! That should be first priority, even over your children’s education. They can borrow money for their education, but that option won’t be there for your retirement.

    Even a little every month…$20 or $50..in an index fund can grow to a substantial amount over time. And if your company does a match for your 401k, you are literally throwing money away by not participating.

    Think about that…that is money you have coming to you that are snubbing.

    We artists think we can keep going forever, but there is the chance of disability ( and try getting disability insurance as a freelancer…huh!). Please save at least a bit of whatever you are earning now.

  • http://peterkrauseillustration.com peterkrause

    xandrian…please, I implore you to put away money for yourself! That should be first priority, even over your children’s education. They can borrow money for their education, but that option won’t be there for your retirement.

    Even a little every month…$20 or $50..in an index fund can grow to a substantial amount over time. And if your company does a match for your 401k, you are literally throwing money away by not participating.

    Think about that…that is money you have coming to you that are snubbing.

    We artists think we can keep going forever, but there is the chance of disability ( and try getting disability insurance as a freelancer…huh!). Please save at least a bit of whatever you are earning now.

  • http://justtheplaceforasnark.blogspot.com/ mahendra singh

    45 years old, 22 years as designer/illustrator, no pension, no savings, worked mostly in USA but I finally got lucky and married a great Canadian woman and am able to survive with the excellent Quebec medical insurance. They even have retirement plans, as opposed to working for Wal-Mart when I’m 70. I love Canada, it’s the middle-aged freelancer’s paradise! Plus the Tim Hortons around the corner is surreal!

  • http://justtheplaceforasnark.blogspot.com/ mahendra singh

    45 years old, 22 years as designer/illustrator, no pension, no savings, worked mostly in USA but I finally got lucky and married a great Canadian woman and am able to survive with the excellent Quebec medical insurance. They even have retirement plans, as opposed to working for Wal-Mart when I’m 70. I love Canada, it’s the middle-aged freelancer’s paradise! Plus the Tim Hortons around the corner is surreal!

  • http://frankjuval.net/ frankjuval

    I don’t plan on retiring. I hope to just work less. I love what I do too much.

    Right now I’m a graphic designer by day to pay the bills and an illustrator by night and weekends.

    Eventually, I’m hoping my illustration career will take off and get me some sweet gigs.

    In the meantime, I plan on climbing the design ladder. I’ve got a 401(k) and I’m investing as well. I want to switch from print to web. I’m in transition right now, doing both print and web work. I don’t want to become a print dinosaur.

    With that said, I’m not going to completely give up print. I just figured since the web is going to be around for a while :) I can continue to evolve in that aspect.

    If illustration never really becomes my main bread and butter, then I’ll continue to do it as a side freelance thing and still enjoy it, while climbing the design ladder. Who knows. Maybe I can be a Creative Director some day and run a design department.

  • http://frankjuval.net frankjuval

    I don’t plan on retiring. I hope to just work less. I love what I do too much.

    Right now I’m a graphic designer by day to pay the bills and an illustrator by night and weekends.

    Eventually, I’m hoping my illustration career will take off and get me some sweet gigs.

    In the meantime, I plan on climbing the design ladder. I’ve got a 401(k) and I’m investing as well. I want to switch from print to web. I’m in transition right now, doing both print and web work. I don’t want to become a print dinosaur.

    With that said, I’m not going to completely give up print. I just figured since the web is going to be around for a while :) I can continue to evolve in that aspect.

    If illustration never really becomes my main bread and butter, then I’ll continue to do it as a side freelance thing and still enjoy it, while climbing the design ladder. Who knows. Maybe I can be a Creative Director some day and run a design department.