Academy: Public Policymakers Have Options to Help Address Retirement Savings Challenges Facing Gig Workers

WASHINGTON, Sept. 10, 2025 /PRNewswire/ -- An American Academy of Actuaries public policy paper released today, Retirement and Gig Workers, draws from the expertise and knowledge of the U.S. actuarial profession to educate the public and policymakers about some of the substantial retirement income and savings challenges facing many gig workers, and identifies a range of options available to public policymakers to help address them.

"Many gig workers face diminished prospects of saving for their golden years, compared to those in traditional employment relationships—so it's important that policymakers be aware of the potential shortfall and options to help address it," said Lee Gold, chairperson of the Academy's Retirement Policy and Design Evaluation Committee (RPADE), which developed the paper and an accompanying infographic in conjunction with the Academy's Social Security Committee.

A lack of portable retirement benefits, unavailability or ineligibility for employer- or state-sponsored retirement plan options, and un- or under-reported income leading to smaller Social Security benefits, are among the factors that can leave this sizable part of the American workforce with less for retirement. The policy paper examines the gig-worker workforce, the ways in which current retirement plan options and legislation do not or may not provide access to or encourage retirement savings for gig workers, and specific federal and state-level retirement policy options for policymakers to consider.

The nonpartisan Academy does not support or oppose particular legislation, but rather outlines a range of those options for policymakers, from expanding the availability and awareness of retirement savings options for gig workers, to reducing under-reporting of income, enhancing Social Security benefits, expanding financial education to encourage more savings, and/or updating labor laws.

View the policy paper and infographic, and learn more about the Academy's retirement policy work, at actuary.org.

The American Academy of Actuaries is a 20,000-member professional association whose mission is to serve the public and the U.S. actuarial profession. For 60 years, the Academy has assisted public policymakers on all levels by providing leadership, objective expertise, and actuarial advice on risk and financial security issues. The Academy also sets qualification, practice, and professionalism standards for actuaries in the United States.

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SOURCE American Academy of Actuaries