Ben Franklin closeup from money 21 percent of gig workers also save in anemployer-sponsored plan, since 17 percent of independent workersalso have a regular employer. (Photo: Shutterstock)

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Traditional workers—those with an employer who get W-2s—aresaving for retirement, but so are independent or gig workers (72 percent compared with 56percent of gig workers).

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As might be expected, a T. Rowe Price survey of traditional andindependent (gig) workers finds that among gig workers, thepredominant method of saving for retirement is an IRA, at 40percent—while traditional workers, predictably enough, rely onemployer-sponsored plans (68 percent).

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There is some crossover, of course; 33 percent of traditionalworkers say they save in a Roth or traditional IRA, while 21percent of traditional workers and 22 percent of gig workers relyon a spouse's employer-sponsored plan.

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And 21 percent of gig workers also save in an employer-sponsoredplan, since 17 percent of independent workers also have a regularemployer (48 percent of independent workers have multiple types ofwork, with some holding regular jobs in addition to doing gigwork), and thus also have access to a retirement plan at work.

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While independent workers, at 49 percent, are even more likelyas traditional workers (47 percent) to say they feel they'll befinancially ready for retirement, one might be surprised to hearthat a sizable percentage also have more saved for retirement thantraditional workers. Among respondents who have managed to savemore than $250,000, 20 percent are gig workers, while 14 percentare traditional workers.

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And both types of workers envision work continuing intoretirement, although gig workers are “significantly” more likely tocontinue working “indefinitely.” Among traditional workers, 26percent plan on “never working another day” while just 18 percentof gig workers look forward to that; 54 percent of traditionalworkers figure they'll work part time or freelance for a few years,compared with 52 percent of gig workers.

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But 20 percent of traditional workers and 30 percent of gigworkers both say they'll be “working indefinitely/neverretire.”

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READ MORE:

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DOL says there are more gig workers than previouslythought

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App brings portable benefits to gigworkers

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7 FAQs about the gig economy

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Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.