American Workers don’t Save Enough for Retirement
If you’re working as a freelancer, there will be months–sometimes several–where you have no income, and then months when there is. If you’re in a good month, do you put money away for retirement or for the lean months? The reason why there was been a rush towards self-employment is because of a combination of the decline of American industry and a national fetish towards outsourcing. For many years, taxicab drivers were employees of cab companies with regular paychecks and contributing to Social Security. Now most are independent contractors. How much do you think they are able to save? And meanwhile, service has gone south. From the perspective of the American worker, the economic system is paycheck based. Take away the paycheck and inevitably you get the results highlighted in this article.