Due Developer Guide

Retirement planning for developers

Plan the future you deserve
Become a freelancer

If you contribute, then you can retire

Due provides a range of retirement options that help developers plan their futures. We keep the process simple: save each month and earn 3%, with no hidden fees, all the way to your retirement.
freelancer personal finance
Boosting Local Economies

Save, test, save again

When you’re saving for your retirement, you should be able to see the results of your actions at any time. Due lets you track your savings month by month. When you can check your data, you’ll be more inclined to keep your contributions on track all the way to retirement.

What is a retirement plan for developers?

Developers need retirement plans that suit them. Some developers will have generous 401(k) plans with matching benefits. Freelance developers will need to rely on their own contributions. Developers who are building their own companies can’t wait until their exits or IPOs to secure their future. At Due, we make it easy for every kind of developer. Adjust your contributions to match demand and always receive a 3% interest rate.
The benefits of 401k plan
Getting Paid Upfront for Freelance Gigs

Taxes made simple

Compiling code is difficult enough. Filing your taxes is even harder—and much more painful. A retirement plan with Due can help to lower your taxes. Deduct your contributions and keep more of your income when you’re ready to hang up your keyboard.

Why choose Due for your retirement fund?

Due gives you control of your retirement. Whether you’re employed and making the most of a 401(k) plan or a freelance developer with only your own savings to fall back on, you should have your own retirement fund. Due gives you an easy, predictable way to put money aside for your future.

Applying for an account is free and takes about two minutes. In less than the time it takes to check your code, your retirement plan can be up and running.

Annuity Plan Rates

State of the Developers Community

Programming is not just a U.S. phenomenon, but is now spreading around the world
There are approximatly 53 million Programmers in the U.S. contributing $715 billion in earnings to the national economy
12% of respondents were 60 or older, and 12% were in either their teens or 20s. The largest represented group in the survey was the 30 - 39 segment (26%), closely followed by Programmers in their 40s (25%) and 50s (25%).
80% of all workers in the U.S. surveyed said they would do work on the side if it came to them to earn extra money.
There are 5 primary segments for Freelancing. These include independent contractors (40% of Programmers), moonlighters (27%), diversified workers (18%), temporary workers (10%) and Programming business owners (5%).
The majority of Programmers are women (71.1%) while men comprise 28.9%.
Programmers on average get $63 - $180 per-hour range.
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If you’re entering college or looking for a career change, now is the time to considered programming. Not only is it an exciting, relatively new field, job growth in this sector is projected to grow by 8% from 2012 to 2022. Additionally, several fields of computer programming have been included in the Best Jobs of 2015 by US News & World Report. If you’re sold, then here’s everything you need to know about becoming a programmer.

Chapters - Developer

Developer FAQs

How much should a developer save each month for their retirement?

If you’re a salaried developer and your employer offers a 401(k) plan with matching contributions, you should save enough each month to take advantage of all of those contributions. Contribute less, and you’ll be leaving money with your employer that could be yours. Saving enough to take all the matching contributions should be your baseline.

Freelance developers won’t have matching contributions but they should aim to save enough to be able to live on 4% of their total savings one day with help from Social Security.

Calculate the amount you think you’ll need to live on each year, deduct your expected annual Social Security earnings, and multiply by 25. That’s your savings target. If your current savings rate won’t get you there, you’ll need to save more funds each month.

What retirement funds best suit developers?

Retirement funds come in a variety of different forms, with different benefits and different advantages. At Due, we offer annuities, pensions, and 401(k) plans. While 401(k) plans are best used by employers looking for a way to help their employees, there are versions available for self-employed developers and for developers who subsidize their income with occasional freelance work. Annuities let developers swap a monthly contribution or a lump sum for a monthly payment in the future. Pensions give a fixed return.

All of those plans will suit a developer, whether they’re salaried, freelance, or partly self-employed.

When should a developer retire?

Software development is hard work. But it can also be rewarding and satisfying work. If you’re currently employed, you might look forward to a retirement that still allows you to code part-time. You could retire early, take a smaller distribution and supplement your income with occasional development gigs.

The age at which you retire, though, will affect the size of your distributions.

Any distributions taken before the age of 59.5, will come with a penalty. Delaying Social Security after the age of 62 adds 8% each year until you start receiving payments at the age of 70. At the age of 70.5, you must start receiving distributions from any pre-tax retirement plans.

The right age for you to retire is up to you. It will depend on how much you want to live on, and how much work, if any, you want to do after retirement.

Can I adjust my contributions?

Yes! You’re in charge. We get that software development can be precarious. Freelance developers can find that their income varies from month to month. Employed developers may find themselves shifting jobs frequently and even taking a lower salary in return for better possibilities.

You can reduce your contributions to Due between gigs or jobs and raise them whenever you want. Just make sure that you check your account and stay on track towards your retirement goal.

Can I contribute lump sums to my retirement fund?
Sure. If you complete a big job that boosts your income one month, receive a bonus or cash in some options, you can always put some of that money into your Due retirement fund. You’ll defer the taxes and move faster towards your retirement target.
Will I be able to keep working as a developer after I’ve retired?
You can always continue working after you’ve retired. But you want to be sure that the choice is yours. When you reach retirement age, you want to be able to choose whether you want to spend your time photographing icebergs in Antarctica or compiling code in your home office. Save enough to be able to enjoy your retirement, however you want to spend it.
Is $300,000 enough to retire in my fifties?
Only if you’re going keep working part-time. You can’t take Social Security until you’re 62, and if you take 4% of your fund in distributions each year, you’ll have an annual income of just $12,000 a year. You’re still going to have to put in a lot of software development work each week.
Are developers good at saving?

No one is good at saving! The average American family has about $40,000 in liquid savings. Between the ages of 55 and 64, those savings rise to $57,200, and reach $67,700 between 65 and 74. People with higher education, like software developers, tend to save much more but no one saves enough.

Saving for the future means taking control, creating a habit, and sticking to it.

Why should I use a retirement fund instead of a savings plan?
A savings account at a bank will now barely pay enough to beat inflation. It’s unlikely to pay enough to compound and turn into a pot large enough to pay for your retirement. Contributions to retirement funds are also tax-deferred. You can make your contributions with pre-tax dollars and pay no tax until you retire.