Monday, June 4, 2018

Retirement and the Gig Economy

We hear a lot about the gig economy, but for many people, it's just a way to ensure their retirement plan. According to a new survey from the investment firm Betterment, 81 percent of gig economy workers say they are afraid of being to afford to save for retirement.

In fact, a third of those people with side jobs have that second job specifically to save money for retirement. And 49 percent of people aged 55 or older who have a second job are saving for retirement with their side gig.

Many of them plan to continue these side jobs into retirement. The survey found that 12 percent of second-job holders intend to hang on to a side-gig job as their main source of income after retiring from their traditional career, and 20 percent of those with a full-time job plan to take on incremental gigs to provide their main source of income once they’ve “retired.”

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