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“Gig Workers, Beware.” Social Security Alone May Not Carry You in Retirement. - msn.com
The segment of the U.S. workforce considered to be freelance or “gig” workers is emerging as a major segment. Workers categorized in this segment, of course, pay into Social Security via their Schedule C and/or Schedule SE filings at tax time, and in fact, feel the pain of paying both the employer and the employee portions of the tax. It can be a big number, that 15.3% and on an individual payer basis it sounds like a major contribution to the retirement fund, but is it enough for a comfortable retirement? Remember that many of these freelancers do not have access to employer-based retirement plans, so they may be missing out on a major portion of accrued wealth for their retirement years. AN msn.com article posted today takes a look at this situation in depth…access it here…