Lyft partners with Honest Dollar to help drivers save for retirement

Lyft partners with Honest Dollar to help drivers save for retirement

In working a full-time job, you are entitled to a certain select number of benefits — usually one being retirement. But in the gig economy, workers who rely on 1099 contracts to make a living off of on-demand apps don’t get the opportunity to save for their futures.

For Lyft drivers, that opportunity will soon be open. According to a blog post from the company, a new partnership with retirement benefits provider Honest Dollar will offer savings plans for as low as $1 per month for the first 10,000 drivers who sign up.

Drivers will have the ability to start and stop contributions to the savings plan at their own discretion, and have the ability to transfer the money from the savings account back into their checking.

“We hear from drivers every day who use Lyft to help secure a bright future, from paying tuition to saving for a first home,” Oliver Hsiang, Lyft’s Vice President of Partnerships, said in a press release. “We’re excited to partner with Honest Dollar to help drivers achieve these goals. This first-of-its-kind product is designed to meet the unique needs of independent contractors through access to financial planning and investment tools.”

For those who miss the promotional period, the savings plan will cost $3 per month. However, Honest Dollar will still waive the fee for the first two months of enrollment.

It seems that it might not be limited to just Lyft: Honest Dollar says that they will begin to expand partnerships and offer the plan to more gig economy workers.

Lyft x Honest Dollar [Lyft Blog]

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