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<p class = "web-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Despite the global market economy in full swing with companies like Lyft (LYFT) and Uber (UBER) becoming public, the firm resistance of companies to meet the demand of the drivers of & nbsp;full-time employment and benefitsChad Parks, founder and CEO of Ubiquity Retirement + Savings, told Yahoo Finance "has the potential" to aggravate the pension crisis. "data-reactid =" 16 "> and Uber (UBER) become public, the firm resistance of companies to meet the demand of drivers in terms of full-time employment and benefits" has the potential " To aggravate the retirement crisis, said Chad Parks, founder and CEO of Ubiquity Retirement + Savings.
"To our knowledge, ride-sharing companies have not formalized retirement savings options for their drivers," Parks explained. And "in today's world, where most companies have abandoned their pension plans and social security provides only a very small portion of your retirement income, it's your job to save for your future. It's a shame, but it's the reality.
Uber pilot and NYTWA member Inder Parmar in his vehicle in New York. (Photo credit: AP / Mary Altaffer)
<h2 class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = ""It's a sick joke, is not it?""data-reactid =" 38 ">"It's a sick joke, is not it?"
<p class = "canvas-atom-canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "There is almost & nbsp;16 million workers& nbsp; in the entertainment economy, according to a report by MBO Partners. Most are part-time workers who work as freelancers to supplement their paychecks. For example, when the government closed, many federal workers & nbsp;took on driver jobs& nbsp; to drift while their paychecks were suspended. "data-reactid =" 39 "> According to a report by MBO Partners, almost 16 million workers work in the entertainment business, most of whom are independent part-time workers, for example when government, many federal employees actually hired drivers jobs to stay adrift while their paychecks were suspended.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "But for those who drive for Lyft or Uber complete -the time, lack of health insurance or adequate retirement savings plan, in addition to the average hourly treatment & nbsp;salary of $ 9.21& nbsp; – is a big problem. "data-reactid =" 40 "> But for those who drive for Lyft or Uber full-time, the absence of adequate health insurance or retirement savings plan, in addition to the treatment of 39, an average hourly wage of $ 9.21 – is a big problem.
"Unfortunately, like many other Americans, drivers do not think about retirement as much as they should," said TheRideshareGuy.com founder, Harry Campbell, at Yahoo Finance. "But this is also a function of the fact that almost all of their salary will cover daily expenses."
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "To be fair, Uber offered some kind of option retirement savings plan for drivers in partnership with a robot advisor called & nbsp;Improvement. But skepticism reigns. "Data-reactid =" 42 "> To be fair, Uber is offering a retirement savings option to drivers with a partnership with a robotics advisor called Betterment, but skepticism is rampant.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "" I would not want to involve Lyft or Uber with my planning of retirement ", a driver & nbsp;wrote on Uberpeople, an online forum for Uber drivers. "It is unlikely that you will work for them very long, at least in the current form." "Data-reactid =" 43 ">" I would not involve planning my retirement at Uft or Uft, "driver a Written on Uberpeople, an online forum for Uber pilots: "It is unlikely that you will work for them very long, at least in the current form.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Another& nbsp; wrote: "It's a sick joke, is not it?" "data-reactid =" 44 "> Another wrote," It's a sick joke, is not it? "
Campbell sits on the drivers side.
"In my opinion, the partnership for improvement was much more superficial than substantial, as Uber was not putting money into the plan," Campbell said. "Many drivers are struggling to get out, as evidenced by the recent strikes and protests against Uber. Unfortunately, saving for retirement is the last thing they think. "
Protesters hold a rally and block traffic on Market Street, outside Uber headquarters, on Wednesday, May 8, 2019 in San Francisco. (Photo credit: AP / Eric Risberg)
<h2 class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = ""The financial services sector is misaligned with the realities of the modern workplace""data-reactid =" 67 ">"The financial services sector is misaligned with the realities of the modern workplace"
And, unfortunately, the existing system does not do much for entertainment workers either because they do not have an established employer.
"The financial services sector is misaligned with the realities of the modern workplace, especially with companies like Uber, which employs a significant number of independent contractors," said Parks. "You can not rely on the government or your employer to manage your retirement savings."
Parks, CEO of Ubiquity Retirement + Savings, offered three solutions for industry workers looking for a retirement savings vehicle: a traditional IRA plan, a Roth IRA plan and an individual 401 (K) plan.
The first was good for over 40s, while Roth IRA was better for the under 40s, he added. Both would be immune from the tax. And the 401 (K) individual plan is "particularly attractive for high wages," he added.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Aarthi is a writer for Yahoo Finance. Follow her on Twitter @ aarthiswami."data-reactid =" 72 ">Aarthi is a writer for Yahoo Finance. Follow her on Twitter @ aarthiswami.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "READ MORE:"data-reactid =" 73 ">READ MORE:
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, SmartNews, LinkedIn,Youtube, and reddit."data-reactid =" 79 ">Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, SmartNews, LinkedIn,Youtube, and reddit.
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