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Uber tests module to assistance drivers save for retirement

Your subsequent Uber could be a self-driving car

Uber has a new summary for a drivers: We wish we to save for retirement.

Uber is partnering with investment app Betterment to concede some of a drivers to pointer adult for giveaway retirement accounts.

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“Many Americans are carrying difficulty saving for retirement,” says Rachel Holt, Uber’s informal ubiquitous manager in North America. “We’ve talked to a lot of drivers. It’s something they’ve mentioned.”

Starting Wednesday, Uber drivers in 4 places — Seattle, Chicago, Boston and New Jersey — will be means to pointer adult for a Betterment IRA (individual retirement account). All fees will be waived for a initial year.

Related: The 10 best investing apps (and sites)

One of a large criticisms of “gig economy” jobs like Uber drivers is that they don’t come with advantages such as health care, stagnation word and retirement savings.

“The ridesharing story illustrates a guarantee of these new businesses — and a dangers,” warned Democratic Senator Elizabeth Warren in May. She believes workers in any job, including Uber drivers, should have elementary benefits.

Uber is perplexing to residence those concerns by giving drivers singular perks such as disdainful discounts on automobile repairs and dungeon phone bills. Now some will also be means to get a giveaway Betterment IRA comment right from a Uber app.

“A large partial of my pursuit is anticipating ways to make a knowledge some-more rewarding and highlight giveaway for a hundreds of thousands of people who work for Uber,” says Holt.

Democratic Senator Mark Warner from Virginia is “encouraged” by this latest pierce by Uber.

“It no longer creates clarity to continue to rest on a 20th century indication for workman protections and benefits,” Senator Warner pronounced in a matter Wednesday.

Related: Is Uber’s pull for self-driving cars a pursuit killer?

It’s a commander module for now, though Uber skeleton to hurl it out opposite a nation if drivers wish it. CNNMoney named Betterment one of a best investing apps of 2016. It offers people a stress-free approach to invest. The app asks a few elementary questions and afterwards invests users’ income for them in a diversified portfolio.

Betterment’s fees are some of a cheapest in a financial universe since it uses usually low-cost index supports (something Warren Buffett recommends for many Americans). Users compensate 0.15% to 0.35% depending on how most income they invest. Traditional financial advisers assign about 1% a year.

Uber will not be relating contributions that drivers make to their retirement accounts. In corporate 401(k) plans, companies typically compare each dollar that an worker puts into his or her retirement account — adult to a certain amount. It’s a approach to inspire workers to save more.

Companies like Uber disagree that they also yield workers a good advantage that normal companies don’t: flexibility. Uber drivers work when they want. There are no set hours.

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Article source: http://money.cnn.com/2016/08/24/investing/uber-save-for-retirement-betterment/