More and more people are becoming part of the so-called gig economy – often part-time, on-demand jobs – so they can fund their retirement, according to a report entitled: Gig Economy and the Future of Retirement.Even some younger people are getting in on the hustle, the side hustle, that is.
The report, which was put together by Betterment, an online financial advice firm, found that of the 1,000 people surveyed, 49 percent of people over the age of 55 are saving for their future by doing a side gig. Nick Holeman is a senior financial planner with the company.
"Traditional pensions, 401K’s, if you ‘re not there or if you’re working in the gig economy and Social Security might get cut, it does beg the question, OK, well I’m going to be more dependent on myself so how do I make sure I am prepared for retirement?" He said.
The survey also found younger people were thinking about their future. Forty-two percent of people under age 35 had a side gig and were using it as a way to save for retirement. Also, a third of respondents think its unlikely Social Security will be around by the time they retire.
