America’s back-up retirement plan: Work
America’s backup retirement plan is, well, work. More than one in three American workers are using the “gig economy” to find full- or part-time work, and for roughly one-third of that group, the side gig is specifically aimed at increasing their retirement savings, according to a new study by financial advisory firm Betterment.
Perhaps not surprisingly, the older the worker, the more likely the side gig is aimed at building that retirement nest egg. Just 42 percent of those under the age of 35 said they were taking side gigs to save for retirement, while 76 percent of those who were 55 or older cited retirement savings as their primary motivation.
A significant number of side hustlers don’t expect to stop working when they hit retirement age, either. Between one-fifth and one-sixth of those who have taken on second jobs said they’d keep the side gig after normal retirement age, figuring that it would serve as their primary form of income.
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