Many freelancers plan to work beyond 65, and 30% say they don’t plan to retire at all.
An FSI survey shows independent advisers would retire before being classified as employee as the DOL mulls tens of thousands of comments on a proposed rule change.
As more Gen Zers enter the gig workforce, financial advisers are tailoring their services to fit the needs of these workers.
But retirement industry professionals can find ways to help improve their situations.
Experts say gig workers have little access to workplace retirement savings plans and the opinion letter will only discourage employers from offering them such plans, but they do have other options that advisers can educate them about.
Overall, gig workers report more difficulty with nearly all financial tasks, a Hearts & Wallets survey found.
Although only 56% of independent workers are actively saving for retirement, they are just as likely as traditional workers to feel they are financially prepared for retirement, a T. Rowe Price survey found.
Prudential says today’s financial wellness challenges may lead to tomorrow’s retirement shortfalls.