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The “gig economy”, and why those workers aren’t saving for retirement

The “gig economy” is a term applied to those whose work is done not as a corporate employee but rather as an independent contractor – someone who sells their particular specialty or technology talent on the corporate market. But those folks don’t enjoy most of the benefits provided to regular employees of a corporation, especially retirement savings options such as employer-sponsored 401(k)’s and even defined benefit plans. Thus gig economy workers must rely on their own initiative to plan for their golden years, and they are unfortunately falling woefully short, with some not planning for their retirement at all.  As this CNBC article by Annie Nova explains, the “gig economy” is severely lacking in this one very important aspect.  Click here to read more.

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