Perspectives on the Future of Work: July 4

Upwork’s weekly column brings you the latest news on hiring and working with freelancers, freelancing, and the future of work.

The (Virtual) Future of Work? (Co.Design)

For some, the benefits of virtual reality (VR) goes beyond common applications in the game and entertainment industries. Co.Design senior writer Mark Wilson found tech companies are using VR to enhance how people work.

In his experimental profile piece, Wilson explores the new VR productivity app, Space. “I’m at my standing desk, typing this note. But instead of looking at my 24-inch monitor as usual, I’m wearing an HTC Vive Headset. I’m surrounded by six giant, 70-ish-inch screens. To my left, a small tower of YouTube videos. On my right, CNN’s latest on Brexit. And in the middle? I can look up to see my Gmail and down to see this very document sitting below,” explains Wilson.

As VR continues to mature and evolve, this kind of application is expected to develop into a promising tool for online collaboration, multitasking, and virtual productivity. At this stage, working from a virtual desktop has its challenges. Wilson’s neck ached from staring at improperly angled screens, found the sheer number of screens too distracting, and had trouble typing on a keyboard that didn’t exist. He concludes, “I don’t know if this setup is efficient…it’s stupidly amazing, however.”

7 Ways Freelancers Can Get the Right Deal on Healthcare (Time)

Despite increased flexibility and protections, healthcare remains a major expense for today’s self-employed professionals. To make sure you’re covered properly, Time Money Reporter Kara Brandeisky suggests these seven do’s and don’ts for freelancers.

1. Do learn the basics. Go to Healthcare.gov to learn about the Affordable Care Act and compare plans.
2. Do take advantage of subsidies. You may qualify for subsidies or you can shop for insurers directly through sites like eHealth.
3. Do go for higher deductible plans. If typical premiums are too high, consider higher deductible plans—they’ll lower your monthly premium cost.
4. Do plan for taxes. Depending on your income, you may have to pay back a portion of your premium credit.
5. Don’t be tempted with short-term health plans. They don’t offer the same coverage as traditional insurance and they don’t meet the Affordable Care Act coverage requirements.
6. Don’t go into sticker shock. The prices may seem high, but in addition to the tax penalty for not having insurance, paying for healthcare without insurance costs more.
7. Don’t miss the deadline. If you don’t have insurance yet for 2016, you’ve already missed the open enrollment period. But go to Healthcare.gov to see if you qualify for exceptions.

 

3 Ways Freelancers Can Save For Retirement  (The Alternative Daily)

Especially when starting out, freelancers often worry more about making their monthly bill payments than saving for retirement. And saving requires more discipline because contributions aren’t automatically taken out of paychecks.

Until you can increase your savings significantly, these three options help ease you into saving for a comfortable retirement. And they help you save on taxes in the short run. Be sure to seek professional advice for details about qualifications and limitations.

1. Simplified Employee Pension Plan (SEP-IRA). You can put away as much as 20 percent of your net income from self-employment. You’re taxed on the distributions once you start making withdrawals in retirement.
2. Roth IRA. You can’t deduct contributions to Roth IRAs, but you aren’t taxed on the distributions once you start making withdrawals in retirement. Unlike SEP or traditional IRAs, there’s no age limit at which you must start making withdrawals.
3. Solo 401(k). This is also known as an individual 401(k) or self-employed 401(k). You can include your spouse in a solo 401(k). Freelancers may also contribute up to 25 percent of earned net income as an employer contribution.

What changes have you noticed in the way we work? Tell us about them in the comments below!

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