According to a recent survey, nearly 50% of all gig economy workers are not saving for retirement
. The survey, conducted by Stash Financial, Inc., interviewed 1,240 current gig economy workers. It found that the vast majority of gig workers receive no employment benefits at all, and that nearly 30% of gig economy workers aren’t saving an emergency fund. This means they have no savings of any kind, leaving them vulnerable.
This can have a major effect on your retirement planning if you are a gig worker. When it comes to saving for retirement, time is one of the most valuable assets you have. So evenfor five years will mean needing to eventually contribute a lot more money to your retirement savings to make up for the lost compound interest.
Try to automate your savings by having your direct deposit go into two separate accounts. One for saving and one for spending and bills.Not having an employer-sponsored retirement account means that the onus to save for retirement is 100% on you. Social security won’t be enough for your retirement.
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