Nontraditional Workers and Barriers to Savings

Americans typically rely on employer-sponsored plans for retirement savings, yet nearly half of U.S. firms—and 70 percent of small businesses—do not offer workers this option. Furthermore, people in nontraditional or alternative work arrangements, such as independent contractors and freelance workers, now represent roughly 16 percent of all U.S. workers. Nontraditional workers do not have easy and efficient access to a retirement savings plan, and, as a result, most are not saving on their own. 

The retirement savings project is working to identify barriers to businesses establishing retirement plans for workers, as well as segments of the workforce—especially nontraditional workers—that are most likely to want and need an effective retirement savings program. The project will also assess the potential effectiveness of policies and market practices that would connect workers to such options.