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Gig Workers Have More Control Over Retirement Savings



(p. 2D) "There's this myth that the Gig Economy equals Uber driver," said Diane Mulcahy, who recently wrote a book on the subject. "If you are not a full-time employee in a full-time job, you are part of the Gig Economy."

While gig workers have been around as long as there have been handymen, tutors, writers and musicians, what's new about the Gig Economy is how quickly it has infiltrated white-collar professions and industries such as health care, finance, the law and technology, Mulcahy said. She is a private equity adviser for the Kauffman Foundation, which studies and supports entrepreneurship. As proof, she said, look at the growth of national online placement services like Toptal for tech and finance workers and Axiom for lawyers.


. . .


Managing volatile income can come down to ongoing business development and networking. Gig workers must make sure to keep business flowing through the development pipeline and writing contracts in a way that ensures ongoing cash flow, Mulcahy said.

Saving for retirement is one of the few areas where the independent contractor has an advantage because through IRAs and 401(k)s for the self-employed, they can save more quickly and at higher levels than their full-time brethren, she said.

This all comes as the economy has fundamentally changed.

"This is the future of work," Mulcahy said. "The full-time employee is getting to be the worker of last resort."



For the full story, see:

Miami Herald. "As full-time jobs slip away, Gig Economy movement leverages skills and passions into multiple jobs." The Wall Street Journal (Sat., Sept. 6, 2017): 1D-2D.

(Note: ellipsis added.)

(Note: the online version of the story has the title, "As full-time jobs slip away, Gig Economy movement leverages skills and passions into multiple jobs.")


The Mulcahy book, mentioned above, is:

Mulcahy, Diane. The Gig Economy: The Complete Guide to Getting Better Work, Taking More Time Off, and Financing the Life You Want. New York: AMACOM, 2016.







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