Asif retirement weren't under enough threat, thanks to definedcontribution plans that don't provide the security and income thatdefined benefit plans did and an economy that's rich on “on-demand”jobs and poor on longer-term full employment with benefits, nowthere's a new obstacle to workers' eventual retirement—the gigeconomy.
According to a working paper from the Center for Retirement Researchat Boston College, “it is known that self-employed workers have taxcompliance and reporting issues” when it came to regulations onself-employment tax contributions.
Now, however, with the rise of the gig economy, “the existingreporting rules applicable to most workers earning income in theon-demand economy substantially increase the likelihood that thesetaxpayers are failing to contribute to Social Security and Medicarethrough 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.
