Chicago Philanthropy Supports Local Musicians

- The 2024 grant cycle, which was the pilot for this initiative, saw a significant response, with 253 professional musicians applying for the 16 available grants. This overwhelming interest underscores the substantial need for retirement support within Chicago's freelance artist community. - Golden Egg is an artist-led initiative, with an eight-member steering committee of Chicago-based musicians shaping the grant program's vision and selection process. The selection of grantees was conducted through a weighted randomized process, giving increased chances to applicants with lower incomes and little to no existing retirement savings. - The grant amounts were tiered by age to maximize the impact of investment over time: recipients aged 20–32 received $2,000, those 33–49 received $3,000, and those 50–65 received $6,500. All grantees are required to deposit the funds into an individual retirement account (IRA) and make a matching contribution of any amount to encourage the habit of saving. - A WBEZ interview in October 2024 revealed that 50% of applicants to the program had zero dollars saved for retirement, highlighting the precarious financial state for many working musicians. The freelance nature of their work often means they lack access to employer-sponsored retirement plans like 401(k)s. - The project was launched with initial funding from a $100,000 grant from the Chicago Department of Cultural Affairs and Special Events (DCASE). The funds were granted to Experimental Sound Studio, a long-standing Chicago non-profit dedicated to sound art, which serves as the fiscal sponsor for the Golden Egg foundation. - To be eligible for the grant, applicants had to be active professional musicians residing in the City of Chicago, be between the ages of 20 and 65, and have an average adjusted gross income of less than $80,000 over the past three years.