JSIT22-02: The Retirement Implications of Non-Standard Work

Abstract

With a rise in non-standard work – independent contracting, freelancing, temporary, on-call, and “gig work” – research has focused on implications for economic security. These forms of work tend to be more precarious, lack employer-sponsored benefits and labor protections, thus leading to greater economic insecurity compared to traditional employment. Some groups may choose non-standard work when they lack better options, exacerbating long-standing inequities. Previous research suggests that more than half of the U.S. population lacks sufficient retirement savings. The situation may be more severe among non-standard workers, who do not have access to employer-sponsored benefits and may have fewer opportunities to save for retirement. Using the 2017 National Financial Well-Being Survey, this descriptive study will compare retirement outcomes for traditional and non-standard workers, examining differences across demographic categories. It will suggest the degree to which future generations of older adults may be unable to retire or have greater economic needs in retirement. Variation across demographic characteristics will identify inequities, such as whether non-standard work is associated with better or worse outcomes among different segments of the population.