Perspectives on the Future of Work: October 10

Upwork’s biweekly column brings you the latest news on the future of work, including trends, freelancing, and other shifts in the way we work.

This week’s roundup highlights:

• Five ways to save for retirement, even when your income fluctuates
• The top three reasons why part-time freelancers won’t quit their day jobs
• Nine websites that help you make more money on the side

Moneyrates.com | How to Save for Retirement When You’re Self-Employed or Freelance

When you’re a freelancer or other small business owner, saving enough for retirement can be difficult because your income can change from month to month. But there is a way to save enough for retirement—even when your income is unpredictable. It’s all a matter of planning the lifestyle you want in retirement, and calculating how much you need to save each month to achieve it.

Here are two of the five ways columnist Dan Rafter suggests self-employed people can save for retirement:

Be realistic about your retirement date

Get real about how long you’ll be able to work and how much you’ll need to save. Even if you want to keep working part-time in your later years, remember that age discrimination is real. You might not be able to remain in the workforce for as long as you expected.

Split savings in accounts for various financial goals

If they want to save enough for retirement, those with unpredictable incomes need to be more vigilant about their finances. Kirk Jewell, president of Global Financial Services, makes sure all of his self-employed clients create four accounts:

• Personal checking account to pay bills and fund their lifestyles
• Savings account to build an emergency fund
• Business bank account that’s devoted to business transactions only
• Account to pay for taxes – an important and often neglected expense for the self-employed

Fast Company | What Stops Workers from Going Freelance

According to a survey by Freelancers Union and Upwork, freelancers love to freelance. But as attractive as freelancing sounds, many respondents who held a full-time job and did freelancing on the side said they wouldn’t quit their day jobs. Here’s what Sarah Kessler reports is stopping them:

• They want consistency. Flexibility is great, but consistency is better. The most popular reason that part-time freelancers kept their day jobs was “worries about income predictability.”
• They’re worried about income. The second and third most popular reasons freelancers kept a day job they didn’t want, boiled down to fear of failure. About half cite “concern that you would be able to find enough work to support yourself,” and “worries about income predictability.”
• They want benefits. The fourth most popular reason part-time freelancers keep their day job is a “desire to keep company-sponsored benefits.” It’s a valid concern as 20 percent of full-time freelancers said they don’t have health insurance.

Although there aren’t any concrete solutions for these valid concerns yet, it seems policymakers are attempting to understand the freelance workforce and their economic impact. For the first time since 2005, the Bureau of Labor Statistics will perform its own survey of contingent workers next year.

US News | 9 Websites to Help You Make Retirement Income

If you want a little extra income to increase your retirement savings, or you’d like a little more spending cash each month, check out these nine websites. In addition to Upwork, the list includes:

• About.com. About hires experts in various fields to write about specific topics from travel to parenting. They hire guides who run entire content sections, and writers who are paid per article on specific topics.
• Shutterstock. If you’re into photography, you can sell your own footage, images, vectors or illustrations. How much you earn depends on who buys your images and under which terms.
• Skillshare. Make money by teaching others your skills, such as crafting, cooking or writing. Once 25 people sign up for one of your classes, you will be enrolled in a Partner Program that lets you earn royalties on your work.
• Kindle Direct Publishing. This site helps you publish books independently. Once published, your book hits the Amazon marketplace within two days. Earnings from independently published Kindle books vary greatly.

What are your challenges about saving for retirement as a freelancer or business owner? Share your thoughts or savings tips in the comments below.

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