Editor's Note: There are zero affiliate links in this post. Courier Hacker doesn't make any commission if you click any link and make any purchase or digital download. The services and products mentioned in this piece make investing accessible. But investing still involves risk. Venture at your own perils. 

Working in the gig economy has its perks. But, retirement benefits are not one of them. Regular employees have a pension and 401(k) plan to fall back on. Gig workers, however, are left to fend for themselves. If you feel like retirement is too far into the future to worry about, think again. Savings and investments can help you tide over the unstable nature of the gig economy. Retirement days are meant to be life’s golden years. But, as per Betterment’s 2018 report, for almost a third of gig workers, it means anxiety. A similar percentage had no money set aside for retirement. What’s worse? 70% of full-time gig workers won’t be able to maintain their lifestyle post-retirement. So, to make your life easier, we’ve compiled a list of 5 investment apps that gig workers can use to invest and plan for retirement.

Related Topic:

• 3 Steps Gig Drivers Can Take To Prepare For Retirement

Investment Apps For Gig Workers

The idea of investing can be daunting if you don’t know where to start. The good news is, these days, there’s an app for everything. Whether you’re new or a seasoned investor, here’s a list of investment apps that can work for you. All of these apps offer the option for fractional investment. This means you don’t need a lot of money and can start investing with as little as, or less than, a dollar.

Acorns

If you know the benefits of investing, but the very idea seems like a chore, Acorns is a great choice. For a $1 monthly subscription, it automatically takes care of many things. It rounds-off spare change from card transactions, sets money aside regularly, and invests it in a predetermined portfolio. They also have a cashback-like incentive called Acorns Found Money rewards. With it, you get a percentage of expenses on brands like Apple, Nike, and Walmart back into your investment account. You can download the Android or iPhone app to get started.

Cost

Acorns has three plans. The Acorns Lite plan provides you with an automated investments account for $1 a month. With the Acorns Personal plan, at $3 a month, you also get an Individual Retirement Account (IRA) and a Checking Account with a Debit Card. $5 a month for the Family plan will give you all this plus an investment account for your children.

Pros

1. Easy to use.
2. Auto-portfolio management, based on your risk appetite.
3. No minimum deposit or trade fees.

Cons

1. The monthly fee can be high for small account balances.
2. No option to create or customize investment portfolios.

Robinhood

If you are an active investor or have some idea about what you’re doing, this option is for you. Robinhood provides a commission-free investment platform. This means you can trade in stocks, ETFs, gold, cryptocurrency, and options without paying any fees. You can also earn a 0.3% annual interest on unutilized funds in your account. You can find the app on the Google Play Store or Apple’s App Store.

Cost

While the basic account is free of charge for investors, you can opt for their premium plan. Robinhood Gold offers a higher instant deposit limit and access to professional research and level II marketing data. The charge? $5 a month after a 30-day free trial.

Pros

1. Easy to use.
2. Complete control over investment portfolios.
3. No trade fees, minimum balance, or subscription charges.

Cons

1. No retirement account option.
2. Does not offer much guidance for beginners.

Stash

Stash works for those who are new to investing but need help getting started. Like Acorns, it offers options for round-ups, periodic investments, and auto-investments. It also provides IRA accounts and a banking account with a Stock-Back card (and the cashback-like facility). But, Acorns has a fixed number of investment portfolios. In contrast, Stash provides investment suggestions based on your goal and risk level and allows you to make the final decision. The app is available for download for both iPhones and Android smartphones.

Cost

Stash provides both banking and investment accounts for $1 with its Beginner plan. For an IRA account, you need to subscribe to the $3 Stash Growth plan. At $9, the family investment option, Stash+, is significantly more expensive than the corresponding Acorns plan. But it offers additional bonuses and doubles the regular returns with the card.

Pros

1. Easy to use.
2. More control over portfolios with suggestions to match risk appetite.
3. No minimum deposit or trade fees.

Cons

1. Monthly fees can be high for small account balances.
2. At $9, charges for premium accounts are significantly higher than peers.

Betterment

Betterment is a wealth management app that enables goal-based investments. You can set goals for your dream home, wealth building, and retirement. The platform uses robo-advisors to provide investment suggestions based on these goals. It automatically manages your investment and retirement accounts. It provides options for savings and cash reserve accounts. With the tax-loss harvesting feature, you can limit your capital gains tax liability. You can also sync external accounts with the app. The Android and iPhone app can be downloaded from their respective stores.

Cost

The basic plan incurs a 0.25% annual management fee with no minimum balance requirements. You can consult a human advisor for an extra charge of $199–$299. With premium plans, you get unlimited consultations with financial advisors. But the annual account fee is 0.40% and requires a minimum balance of $100,000.

Pros

1. Easy to use.
2. Offers goal-based investing, external account syncing, and tax-loss harvesting.
3. No minimum balance for regular plans.
4. For smaller account balances, the management charge is low.

Cons

1. All services incur a management fee.
2. For basic plans, access to a human advisor can be expensive.

SoFi

With SoFi Invest, you can choose between picking your stocks, ETFs and cryptocurrencies, or opt for automatic portfolio creation. You can also start IRAs. All of the services offered are free to use with no commissions or subscription charges. It also provides access to financial advisors at no cost. The SoFi App is available for both Android and iOS platforms.

Cost

With SoFi, you can start investing with just $1. SoFi doesn’t charge members for trades, accounts, or any of its services.

Pros

1. Easy to use.
2. No trade fees, minimum balance, or subscription charges.
3. Complimentary access to financial planners.

Cons

1. No advanced features such as tax-loss harvesting.
2. A relatively newer service with an unproven track record.

Summary

Whether you are a first-time investor or an experienced one, these investment apps can help you take the first steps towards retirement. Which one you choose depends upon your needs and how and how much you plan to invest. Either way, if you haven’t given retirement planning much thought, the right time to start would be now.