Rethinking Retirement Security for Non-Traditional Workers
For many Americans, the idea of retirement is deeply tied to a traditional career path—one that includes steady paychecks, employer-sponsored 401(k) plans, life insurance benefits, and perhaps a pension, for the few that still have them. But what about the millions of Americans who have taken a different route? The contract workers, artists, freelancers, and gig workers who dedicate their lives to creative and independent work, often without access to conventional retirement savings vehicles. The rise of non-traditional employment models has created significant gaps in retirement coverage.
With an estimated 72 million non-traditional workers who work outside of the confines of a traditional payroll job – and more Americans turning 65 this year than ever before – the peak of Peak 65° – it is incumbent on consumers, financial services industry, and policymakers, to rethink how to incorporate retirement savings and retirement income plans and programs to address their unique needs.