Freelance, Gig, and Other Nontraditional Workers Face Difficulties Saving for Retirement

By, John Scott

Millions of Americans work in nontraditional jobs, as freelancers, sole proprietors, contingent faculty, or gig workers, for example. Their economic situations tend to be as diverse as their work; their income levels vary from well-paid consultant jobs to low-wage hourly jobs. But many face great obstacles to saving for retirement or the prospect of not being able to retire at all.

On Nov. 16, The Pew Charitable Trusts hosted a virtual panel to discuss ongoing research about the particular issues facing nontraditional workers as they struggle to keep their bills paid and save for their futures. The ranks of these workers are growing; estimates of nontraditional workers in America’s workforce vary widely, ranging up to about 40%. To better understand the challenges they face saving for retirement, Pew in mid 2020 surveyed about 1,000 people working in such nontraditional jobs. The results provided the basis for a series of research papers.

 

 

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