Washington County Weekend Post

(BPT) - Freelancer, pas- sion projects, side hustles are all synonymous with the gig economy - which has grown substantially over the past decade. The economic downturn of 2008 led many employers to recruit gig/temporary workers to control costs. The explosion of rideshare services and other contract employment has increased the awareness of gig as a steady work stream. According to MetLife's 17th Annual U.S. Employee Benefit Trends Study, almost 30 million Ameri- cans receive primary income from gig or part- time work - nearly one-fifth of the total workforce. An additional 15 million sup- plement "traditional" full- time work with gig work. The study found that 85% of gig workers were interested in continuing their con- tract work over the next five years, instead of seek- ing a traditional work role. What does it mean to go 'gig'? The gig economy is defined as work based on a fixed-term contract, or that's paid per project by a company, third party or via an online marketplace. Those who use gig work to earn extra money part-time include full-time employees looking to boost their income, students, people who want to pursue a pas- sion project, stay-at-home parents, job seekers and retirees. Others consider gig work as their full-time employment. It may be surprising to learn gig workers are well distributed across all demo- graphics in today's work- force, according to the study: • 21% Gen Z (ages 21-22) • 34% Gen Y (ages 23-36) • 21% Gen X (ages 37-52) • 25% Boomers (ages 53 up) What makes gig work so attractive? Gig work is appealing for many reasons, to many people. According to the MetLife study, 67% of full- time employees reported interest in gig work as opposed to their current jobs, and 49% of employees expressed the intent to leave their current employ- er for contract or freelance work in the next five years. • Pursuit of the ultimate work/life blend Flexibility over ones time is probably the top attraction of gigging. In the study, nearly half the respondents (49%) said that not being able to work remotely was the reason they left full-time work. Flexible schedules offer workers a compelling work/life blend of their choosing. Due to the flexi- bility and ease of commu- nication provided by tech- nology today, more jobs are becoming open to remote work and adaptable sched- ules - across many sectors - which may help companies retain full-time employees tempted by the gig lifestyle. • Autonomy, fulfillment and a sense of purpose Gigging allows workers more choice in the work they do, and freedom to pursue a variety of pro- jects. They can choose where they work and who they work for. Gig workers tend to see work as more than just earning a pay- check. The study found nearly half of gig workers (48%) said they work to gain a sense of fulfillment, and 47% said that a signifi- cant influence in working was to feel a sense of self- worth. The challenges gig workers face While there are many appealing aspects of gig- ging, it also presents unique challenges. • Financial stressors The main stressor for all employees - gig or tradi- tional - is finances. Gig workers may experience more financial stress than traditional full-time work- ers, however, since their work may be less steady than a traditional position. Gig workers need to con- stantly keep up with obtaining and maintaining clients, ensuring their next project (and paycheck) is lined up. They also need to pay their own self-employ- ment taxes and Social Secu- rity, among other expenses. • Employer benefits Gig workers are usually responsible for obtaining medical insurance and other benefits normally provided by employers. In fact, only 4% of gig workers reported that employers offered insurance, and only 5% said they were offered a retirement plan. People who choose to "be their own boss" must also pro- cure their own benefits beyond health care, such as short- or long-term disabili- ty, accident insurance and more. Gig workers who want or need benefits may have to pay the full cost of coverage themselves. In the survey, 65% of gig workers said that they would be interested in a wider array of non-medical benefits that they could pay for on their own. • Co-workers and career development Unlike traditional employees with daily access to networking with colleagues and continuing education through their employers, gig workers wanting to develop their careers must find and pur- sue those opportunities on their own. Interested in gigging? Read "The Gig Economy: Opportunities, Challenges, and Employer Strategies" report to learn more about MetLife's insights into the evolving gig economy. The gig economy is on the rise - is it for you? 2A • WASHINGTON COUNTY POST • SUNDAY, JANUARY 5, 2020 GMTODAY.COM Health Matters A GUIDE TO HEALTHY LIVING FINANCIAL (Metro) – The dawn of a new calendar year often marks the end of the some- times hectic holiday sea- son. This time of year marks a return to normalcy for many families, as the kids go back to school and parents return to work. The beginning of Jan- uary also serves as a great time to start preparing for tax season. While the dead- line to file returns may be several months away, get- ting a head-start allows men and women the chance to organize their tax docu- ments so they aren't racing against a deadline come April. The following are a handful of ways to start preparing for your returns now. ■ Find last year's return. You will need infor- mation from last year's return in order to file this year, so find last year's return and print it out if you plan to hire a profes- sional to work on your return. ■ Gather dependents' information. While you might know your own Social Security number by heart, if you have depen- dents, you're going to need their information as well. New parents or adults who started serving as their elderly parents' primary caretakers over the last year will need their kids' and their folks' social secu- rity numbers. If you do not have these numbers upon filing, your return will like- ly be delayed and you might even be denied potentially substantial tax credits. ■ Gather your year-end financial statements. If you spent the last year invest- ing, then you will have to pay taxes on any interest earned. Interest earned on the majority of savings accounts is also taxable, so gather all of your year-end financial statements from your assorted accounts in one place. Doing so will make filing your return, whether you do it yourself or work with a profession- al, go more quickly. ■ Speak with your mort- gage lender. Homeowners should receive forms docu- menting their mortgage interest payments for the last year, as the money paid in interest on your home or homes is tax deductible. If these forms are not received in a timely man- ner, speak with your lender. You might even be able to download them from your lender's secure website. ■ Make a list of your charitable contributions. Charitable contributions, no matter how small, are tax deductible. While it's easiest to maintain a list of all charitable donations you make as the year goes on, if you have not done that, then you can make one now. Look for receipts of all contributions, con- tacting any charities you donated to if you misplaced any receipts. ■ Book an appointment with your tax preparation specialist now. As April 15 draws closer, tax preparers' schedules get busier and busier. The earlier you book your appointment, the more likely you are to get a favorable time for that meeting. In addition, if you have gathered all of the information you need by early February, then book- ing your appointment early means you can file earlier and receive any return you might be eligible for that much quicker. Tax season might not be right around the corner, but it's never too early to start preparing your return. Get a head-start on tax season

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