Most people picture retirement as their Golden Years: a time when they can kick back, relax, and lead the lifestyle of their choosing. The ability to realize that dream, however, is largely dependent on one’s financial situation.
Unfortunately, that situation is bleak for many. In a recent study on retirement readiness, Northwestern Mutual found that 67% of Americans expect to outlive their retirement savings. It’s becoming increasingly clear that many will need to earn supplemental income during retirement to maintain their current lifestyle.
But financially tenuous retirees may have a savior: the gig economy. Millions of Americans are supporting themselves by taking on a steady flow of short-term jobs that allow them set their own schedule and be their own boss. You’ve likely heard of this in the context of apps like Uber and Airbnb. However more traditional jobs in retail and food service, as well as a plethora of opportunities in professional and consulting work, are increasingly being outsourced to independent workers.