How to Use the ‘Gig Economy’ to Boost Your Income

If money is tight and expenses are growing, consider boosting your income by joining the gig economy.

“Gig economy” is a relatively new term for an old concept. It refers to employment that entails doing multiple short-term jobs for several clients rather than working one job for a single employer. It’s generally synonymous with self-employment and freelance work.

Anyone can join the gig economy, but it might have special appeal for those nearing retirement. Not only can older workers postpone dipping into their retirement funds, but they also get to set their own work hours.

Other advantages of the gig economy for people nearing retirement include that it:

  • Provides an alternative for older workers who have difficulty finding a traditional job because of such things as age bias.
  • Involves few upfront or ongoing costs.
  • Provides social interaction.

Of course, like anything else, the gig economy has downsides. They include the fact that:

  • Income can be unpredictable.
  • Workers are generally responsible for paying their own taxes.
  • Benefits like health insurance are generally not available.

How to take advantage of the gig economy

Rover is among a growing number of websites that help people find freelance work. Joining these sites is generally free and as simple as signing up for an account, although potential workers are often screened before they can start soliciting work.

Signing up for a Rover account, for example, entails simply providing your name, email address and ZIP code. Rover also conducts background checks.

If pet-sitting isn’t your ideal idea of retirement work, other options in the gig economy — just to name a few — include:

For more options, check out the “Make” section of our website.

For tips to get you started in the gig economy, check out:

Have you ever done any freelance work or otherwise worked in the gig economy? Tell us about your experience below or on our Facebook page.

What's next?

Now that you've learned about critical components for a successful retirement, it's time to take the next step. To have the retirement you've dreamed about and the one you deserve, you need a plan that will show you:

  • How to discover fulfillment and live the retirement life you really want
  • Whether to downsize and where to live during your retirement years
  • A simple, proven system to destroy every debt you have
  • How to invest to reach your retirement goals and never outlive your savings
  • How to score up to $12,000 more in Social Security every year
  • Why you don't need a financial planner and how to be your own
  • How to stay in top shape and manage medical costs

The Only Retirement Guide You'll Ever Need is the plan that gives you the knowledge you need to approach retirement confidently -- with the peace of mind we're all after. Learn at your own pace, anytime you'd like, from the comfort of your home. Get expert, personalized advice and access to a special online community where you can connect with others and get your questions answered.

It's time to plan the best years of your life. Let's get started!

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Popular Articles

27 Money-Saving Ways to Use Vinegar in Every Room of Your Home
27 Money-Saving Ways to Use Vinegar in Every Room of Your Home

Vinegar is arguably the most versatile product in your house. If you aren’t using it for all of these purposes, you’re probably wasting money.

8 Reasons You Need to Stay Fit After Age 50
8 Reasons You Need to Stay Fit After Age 50

The benefits are huge when you make exercise part of your life as you age. Saving money is just one reason to get started.

5 Ways to Keep Your Aging Brain Sharp
5 Ways to Keep Your Aging Brain Sharp

Forget young at heart — science says these tricks will keep you young in mind.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Comments

977 Active Deals

More Deals