Here’s Your Do-or-Die Retirement Plan If You Have Nothing Saved

Take On a Side Job

There has never been a better time to take on a side job as a freelancer. The so-called “gig economy” might sound trendy, but the economics underlying this working revolution seem to be here to stay. The gig economy includes everything from consulting and contracting to temping, freelancing, self-employment, side jobs and on-demand workers. Government economists estimate that by 2020, about 40 percent of the U.S. workforce will be laboring outside of traditional full-time jobs.

What You Can Save

Although fields like writing and music have long been the domain of freelance workers, advances in technology have brought professionals from a wide range of occupations under the gig economy umbrella, from healthcare and tech to financial and legal services. Even if you can’t make artisan soap or craft handmade jewelry, you might be able to leverage your other skills into additional income. If you can pull in just $500 extra per month for 10 years before you retire, that’s another $60,000 towards your retirement.