More than 25 percent of all Americans have no savings to speak of, let alone a retirement nest egg. But for those without an employer plan, like a 401(k), that number is much, much larger.
About 70 percent of so-called 1099 workers, including freelancers and contractors, said they have no long-term savings at all, according to a recent report by payment provider Hyperwallet.
While 1099 workers often benefit from a more flexible schedule and the ability to work from home (or anywhere), it also takes longer, on average, for them to get paid compared with workers who receive a typical W2. That delay compounds the stress of living paycheck to paycheck, according to Hyperwallet Chief Commercial Officer Peter Burridge.