sign saying gig, job, workAs if retirement weren’t under enough threat, thanks to defined contribution plans that don’t provide the security and income that defined benefit plans did and an economy that’s rich on “on-demand” jobs and poor on longer-term full employment with benefits, now there’s a new obstacle to workers’ eventual retirement—the gig economy.

According to a working paper from the Center for Retirement Research at Boston College, “it is known that self-employed workers have tax compliance and reporting issues” when it came to regulations on self-employment tax contributions.

Now, however, with the rise of the gig economy, “the existing reporting rules applicable to most workers earning income in the on-demand economy substantially increase the likelihood that these taxpayers are failing to contribute to Social Security and Medicare through payment of the self-employment tax.”

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Marlene Satter

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

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