Opinion: Is Gig Work the New Way to Retire? My Thoughts
Ever thought about what retirement will look like for you? Is Gig work the new way to retire? Brett, founder of Gigworker.com, shares his thoughts.
Brett Helling
Brett Helling is the founder and owner of Gigworker.com. Having worked in the gig economy for nearly a decade, he has mastered freelance, remote, and app-based work. You can learn more about his journey in his book, "Gigworker: Independent Work and the State of the Gig Economy", now available on Amazon.
Key Takeaways
- Many seniors work past 65, valuing engagement and financial stability.
- Gig work offers flexible retirement, but outdated benefits pose challenges.
- Retirement plans should adapt to dynamic, gig-based lifestyles.
- Countries like The Netherlands provide models for modern retirement systems.
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During a leisurely bike ride with a business-savvy friend in his mid-fifties, a question about retirement brought forth an unexpected answer.
Not only did he have zero intentions to retire, but he also viewed his business as a fulfilling game, something he wouldn't trade for endless days of rest.
This conversation spurred a thought: What does retirement mean to those in the dynamic, unpredictable world of gig work?
A Closer Look at the American Retirement Scene
Life expectancy has shifted. The average person can expect to see 77 candles on their birthday cake, a remarkable jump from past generations. Impressively, more people are celebrating their 100th birthday than ever before!
With this longevity, there's a new trend: seniors are not hanging up their boots. In fact, 1 in 5 adults over 65 are working, doubling the stats from the 1980s.
So, why this shift?
Some seniors work for financial stability, as savings and social security fall short. Others are in their career's golden phase, enjoying the fruits of their labor. Research even highlights the health benefits: seniors who work show fewer signs of cognitive decline and depression.
The Gig Economy's Gift: A Flexible Retirement
Here's where it gets interesting for us, the gig workers. Our world of flexible work is providing a retirement revolution.
No longer is retirement a one-size-fits-all; it's customizable. However, a major roadblock exists: our outdated benefits system.
In the unpredictable gig world, planning for the future is crucial. With varying incomes and the absence of traditional benefits, how should we approach retirement savings?
Diversifying income streams and having a clear savings strategy tailored for gig workers can be a starting point.
A Vision for a New Benefits System
Benefits that transition with us, from gig to gig, are the need of the hour.
Imagine health or retirement plans that adapt to our dynamic work styles. Solutions like the Individual Coverage Health Reimbursement Arrangements (ICHRAs) point in the right direction.
These allow companies to cover certain health costs tax-free. But the catch? Many gig workers currently miss out on such benefits. It's high time we leveled the playing field.
https://www.youtube.com/watch?v=9f0lFxfOiRA
Global Inspiration: Countries Getting It Right
Some countries, like The Netherlands, Denmark, and Israel, are pioneering in adapting retirement systems for modern work. Whether it's flexible benefits or supportive policies, there's a lot we can learn and incorporate.
In my mind, it's time to redefine our retirement narrative.
No more viewing 67 as the full stop to work. With evolving opportunities and support, work can transition into a fulfilling activity we choose at our pace.
As we embrace longer, healthier lives, the definition of retirement is ripe for a makeover. It's time we married the traditional notions of retirement with the modern realities of the gig economy. Are you ready for the change?
Your Take?
We'd love to hear from you. How do you envision your retirement in the gig economy? Share your stories and let's create a roadmap for the future together!
