US. Gig Economy Retirement Planning
Gig workers, like everyone else, deserve a pension. Freelancers, contract workers, self-employed, temp workers, on-call employees, and individuals with side hustles make up a significant component of our economy.
Currently, 57 million Americans are estimated to be gig workers. Since March of last year, freelancing and gig marketplaces like Gigspot and Upwork have reported growth in users. Freelancers may make up half of US employment by 2023. Statista reported data from a 2018 poll in January indicating 27% of full-time gig workers had no retirement savings.
About 57 million Americans are doing gig labor. Freelancers to self-employed. We should all be able to retire well. How? People ask questions.
A lack of employer-sponsored 401Ks, unpredictable income, and inadequate financial counsel may make long-term financial planning difficult and scary.
But this need not be the case. Gig workers may save for retirement and enjoy advantages not available to full-time employees. However, many freelancers are already planning for retirement.
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