Many people now work several jobs instead of just one, thanks to the new Gig Economy. The days of having one stable job until you retire are quickly fading. These days you have to do more than just work hard. To succeed at this, make sure you manage your retirement and financial future carefully.

Welcome to the gig economy

Gigs are short-term jobs you can complete to add a little more cash to your bank account. Whether it’s delivering groceries for Instacart, driving for Uber, or completing administrative work on Gigwalk, you can sign on to an app and pick up a few hours of work to supplement your regular income.

Freelance work is pretty much all I do these days.

If you don’t already take on freelance work, you’ll want to update your financial plan so that you’re prepared to leap to a gig economy. A study by Intuit projects 43% of the workforce will work freelance or contract jobs by 2020.

Get a private life insurance plan

Now that the news carries stories of layoffs, bankruptcies, and furloughs, it’s more important than ever that workers are financially secure. It used to be common to get life insurance from your employer until retirement. In a gig economy, you’ll need to purchase a life insurance policy that covers you regardless of your employment status.

In case you pass unexpectedly, you’ll want to make sure everything is set for your family. The loss of income can put serious stress on your family especially during a catastrophe.

It’s hard to know where to start when there are hundreds of insurance companies and multiple policies. Begin by narrowing your options to a short list of companies you trust to deliver on the promise of paying the policy after your passing.

Here’s a list of the top companies with a solid track record for treating consumers fairly.

Start saving for your retirement

Experts project that the population of adults over 60 in the United States will double within the next 40 years. Many older adults are wondering how to optimize their golden years.

Good financial management practices are critical for a stable future. If you’re working freelance or as a contractor, you don’t have an employer 401k to fall back on in retirement.

Many retirees decide to continue working instead of retiring so they’ll have more disposable income. Consider making a radical change to a new career or expand a passion project into a money-making venture.

Fend off draining your nest egg by using your skills and wisdom to pursue a former hobby more seriously.

Conclusion

As we transition to a new gig economy, people have to take more responsibility for their financial future than they might have with traditional employment. It’s more important than ever that you have a private life insurance policy and a personal retirement account.

Take some steps to manage your retirement and financial future carefully to ensure that your golden years are just that.

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