Gig Economy and Remote Work Challenge Traditional Retirement Planning

Abstract

This paper explores how the rise of the gig economy and remote work disrupts traditional retirement planning models. While these work arrangements offer flexibility, they lack employer-sponsored benefits and create inconsistent income streams, making saving for retirement difficult. The paper identifies challenges like inconsistent income, lack of employer contributions, and inadequate policy support for gig and remote workers. It proposes solutions including portable retirement accounts, policy reforms like tax incentives, and increased corporate responsibility towards worker retirement savings. Additionally, enhancing financial literacy is crucial for workers to navigate these new work models. By adapting retirement planning models and implementing these solutions, we can ensure a more inclusive and secure retirement planning landscape for the evolving workforce.