Reported about 1 year ago
Contract workers face challenges in saving for retirement, accounting for over 1 in 10 American workers, with the number of gig workers nearly doubling since 2020. Options like Individual Retirement Accounts (IRAs) allow independent workers to save for retirement with tax advantages, even starting with small amounts. The lack of employer-sponsored plans leads to procrastination, but setting up options like traditional IRAs, Roth IRAs, simplified employee pensions, solo 401(k)s, and health savings accounts can ease the burden. Additionally, states offer IRA programs, while health savings accounts provide a tax-free way to save. Automation and utilizing tools like the saver's credit can help self-employed individuals pave the way for a more secure retirement.
Source: YAHOO