Taking a nontraditional job late in life will likely hurt your retirement, this study indicates.
Most Americans need to work right up until their 60s — or later — to have enough money for retirement, but how much they’ll save highly depends on the type of job they have, especially if that work is in the gig economy.
Instead, many follow a sequence that includes retiring early or bouncing between no work and gig work. “And, worse, many have a weak attachment to the labor force or are in nontraditional jobs consistently,” the researchers said. Workers who consistently took nontraditional jobs were less likely to use these gigs as temporary work in between traditional jobs, or as a means to fill the time until retirement.
The Center for Retirement Research paper defines nontraditional work as one that lacks benefits and either has flexible work hours or includes an individual working with no employees of her own. It also did not find the share of workers in nontraditional jobs to be rising. States are beginning to address these issues for workers. Oregon, California and Illinois have already implemented state-run retirement programs where small businesses are required to provide employees with an alternative to a 401 plan . California and Oregon have also opened their programs to gig workers.Many Americans nearing retirement are financially unprepared.
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