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Gig economy employees are facing an increased pension crisis



<p class = "canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Americans are getting more and more [n / a] falls behind & nbsp; on their retirement savings, and it could be even worse for the millions who work in the concert economy. "data-reactid =" 15 "> Americans are falling increasingly behind their retirement savings, and it could be even worse for the millions working in the concert economy.

<p class = "canvas-atom canvas-text Mb em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Despite the general concert economy that flourishes with companies like Lift ( LIFT ) and Uber ( UBER ) come public, the company's tough opposition to meet the driver's requirements for full-time employees and benefits "have the potential" to exacerbate the pension crisis , Chad Parks, founder and CEO of Ubiquity Retirement + Savings told Yahoo Finance. "Data-response time =" 16 "> Despite the general concentration of economy that is flourishing with companies such as Lifting (Lyft) and Uber (UBER) publicly, the company's strong opposition to meeting the car's full-time employee requirements and distributing the "potential" to exacerbate the pension crisis, said Chad Parks, founder and CEO of Ubiquity Retirement + Savings, Yahoo Finance.

"As far as we know, companies with equities have not formalized pension savings options for their drivers," Parks explains. And "in today's world where most businesses have left retirement schemes and Social Security gives a very small portion of retirement income, it puts onus right on you to save for the future. It's unfortunate, but this is the reality."

Uber driver and NYTWA member Inder Parmar in his vehicle in New York. (Photo Credit: AP / Mary Altaffer)

<h2 class = "teach-cano text text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "19459025]" This is a sick joke, right? "" data-reactid = "38"> "This is a sick joke?"

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "There are almost 16 million workers & nbsp; in the concert economy, according to a report by MBO Partners, most are part-time employees as freelance on the site to supplement their paycheck, for example, during the government's suspension, many federal workers actually took driver work & nbsp; to keep themselves while their paycheck was suspended. "data-reactid =" 39 "> There are nearly 16 million workers in the concert economy, according to a report from MBO Partners. Most are part-time employees as freelance on the site to supplement their paycheck. For example, during the government's suspension, many federal workers actually took driver jobs to stay in operation while their paycheck was suspended.

<p class = "canvas-atom canvas text Mb (1.0em) Mb (0) – -sm Mt (0.8em) – sm" type = "text" content = "But for those who drive for Heft or Uber on full time, lack of proper health insurance or retirement plan – on top of dealing with an average hourly wage salary of $ 9.21 & nbsp; – is a major pain point. "data-response time =" 40 "> But for those Full-time Heft or Uber driving is the lack of proper health insurance or retirement plan – as well as managing an average hourly wage of $ 9.21 – a major pain.

"Unfortunately, like many other Americans, drivers do not think of retirement as much as they should," said The Campers, TheRideshareGuy.com, founder Harry Campbell of Yahoo Finance. "But this is also a function of almost all of their salaries covering the daily expenses."

<p class = "canvas-textile textile Mb (1.0em) Mb 0) – sm Mt (0.8em) – sm" type = "text" content = "To be fair, Uber has offered some kind of pension savings option for drivers with a partnership with a robo advisor called & nbsp; Betterment But skepticism is unfortunate. "data-reactid =" 42 "> To be fair, Uber has offered some kind of retirement savings option for drivers with a partnership with a robo advisor called Betterment. But skepticism is unfortunate.

<p class = "canvas-theater text-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "" You would not involve Lifting or Uber With my retirement planning, a driver wrote on Uberpeople an online forum for Uber drivers. "Odds are you're not going to work for them long, at least in today's form." "Data-reactid =" 43 ">" I didn't want to involve Lift or Uber with my retirement planning, "a driver wrote at Uberpeople, a online forum for Uber drivers. "Odds are you shouldn't work for them long, at least in the current form."

<p class = "canvas-atom lerrettext Mb (1.0em) Mb (0) – En another wrote: "This is a sick joke?" "data-reactid =" 44 "> Another wrote," This is a sick joke? "

Campbell is sitting with the drivers.

" The Better Partnership was much more fluff than substance in my opinion, as Uber did not contribute money for the plan, "he said. Campbell." Many drivers are struggling to pass by, as evidenced by recent strikes and protests against Uber, so unfortunately, saving on retirement is the last. "

Protests hold a rally and stop traffic on Market Street outside Uber's headquarters on Wednesday, May 8, 2019, in San Francisco. (Photo Credit: AP / Eric Risberg)

<h2 class = "lerretskomponent lerrettekst Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Financial services are misaligned with the reality of the modern workplace "data-response time =" 67 "> & financial services are misaligned with the reality of the modern workplace [19659008]

And unfortunately, the existing system does not make much for gig workers since they do not have an established employer.

"Financial services are misaligned with the reality of the modern workplace, such as companies such as Uber with a strong strength of independent contract workers," said Parks. "You can't trust your government or employer to take care of your pension savings."

Parks, Ubiquity Retirement + Savings CEO, offers three solutions for gig workers looking for a retirement alert: a traditional IRA plan, a Roth IRA plan, and an individual 401 (K) plan.

The first was good for The over 40, while the Roth IRA was better for those under 40, he added. Both would be subject to tax, and the individual 401 (K) plan is "particularly attractive to higher earners," he added.

<p class = "canvas-theatrical textile Mb (1.0em) Mb (0)) – sm" type = "text" content = " Aarthi is the author of Yahoo Finance. Follow her on Twitter @aarthiswami . "data-reactid =" 72 "> Aarthi is a writer for Yahoo Finance. Follow her on Twitter @aarthiswami .

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