Payable and Honest Dollar Help Contractors Put Retirement Savings on Autopilot

Today, Payable is excited to offer retirement options for our network of independent contractors. We’ve partnered with Honest Dollar, a benefits provider dedicated to helping independent contractors save for retirement. Now contractors can access retirement savings with the same ease and regularity as employer-sponsored retirement plans -- at a fraction of the cost and with no hidden fees.

According to data released by Ameritrade, 70 percent of self-employed Americans don’t regularly save for retirement and 28 percent don’t save at all. Payable and Honest Dollar have joined forces to reverse this trend and empower contractors with an easy, portable, and affordable way to save for the future.

Starting today, Payable contractors can find the best retirement option for their needs -- either a Roth IRA or SEP IRA -- and automate the amount they put aside each month. The service is offered at a discount to Payable’s contractors, with plans available for $4 a month.

In addition to retirement savings, contractors can get health and dental insurance through Payable’s partnership with StrideHealth.

“With this partnership, we remove another financial uncertainty for independent workers —  portable retirement savings,” said Tad Milbourn, Payable CEO. “Ultimately, we want to make working for yourself the obvious choice, not the riskiest one.”

whurley, CEO of Honest Dollar, noted that the partnership with Payable is another powerful way the company is striving “to meet the unique needs of independent contractors and, just as importantly, small businesses. By partnering with Payable, we are offering employers a single source solution for scaling their businesses.”

You can sign up for a retirement account directly from the Payable dashboard in the My Account dashboard under Benefits.

retirement for independent contractors

As always, please let us know if you have any questions or ideas, we’d love to hear them:

We’re on a mission to create the best payments and benefits platform for independent contractors. Share with us any ideas or benefits that would help simplify your life!

Laura is the Director of Marketing at Payable.

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