Uber helps drivers set up IRAs

Few people would say that saving for retirement is easy. But the process is especially difficult for people who work part time or who freelance for a simple reason: They are much less likely to have access to a retirement account through their jobs.

Now Uber is trying to change that for its drivers by partnering with the robo-adviser Betterment to give drivers access to individual retirement accounts.

Tens of thousands of drivers in Seattle, Boston, Chicago and New Jersey are now able to sign up for an IRA or a Roth IRA using their Uber apps. The retirement accounts, which will be free for the first year, should eventually be made available to all Uber drivers through the app’s rewards program, the company says.

Uber reached out to Betterment about the partnership earlier this year after hearing from drivers who wanted more help managing their money, said spokesman Michael Amodeo. “Drivers said they wanted it to be easier to save for the long term, to take control of their finances,” he said.

Betterment is an online investing firm that offers low-cost brokerage accounts and retirement accounts. Drivers will be able to fund the accounts from their checking accounts and receive guidance from Betterment on how to invest the fund.

Uber’s move to increase drivers’ access to retirement account comes as the company faces more pressure from drivers who want to be treated as employees instead of contractors.