21 percent of gig workers also save in an employer-sponsored plan, since 17 percent of independent workers also have a regular employer. (Photo: Shutterstock)
Traditional workers—those with an employer who get W-2s—are saving for retirement, but so are independent or gig workers (72 percent compared with 56 percent of gig workers).
As might be expected, a T. Rowe Price survey of traditional and independent (gig) workers finds that among gig workers, the predominant method of saving for retirement is an IRA, at 40 percent—while traditional workers, predictably enough, rely on employer-sponsored plans (68 percent).
There is some crossover, of course; 33 percent of traditional workers say they save in a Roth or traditional IRA, while 21 percent of traditional workers and 22 percent of gig workers rely on a spouse's employer-sponsored plan.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
