Working part time is nothing new, but the gig economy makes it more attractive than ever to take a high-paying hourly job. Rather than toiling in a single full-time job, online employment platforms make it possible to string together a number of part-time positions for a career that features flexible hours and expanded free time.

However, part-time employment has downsides when it comes to retirement. While full-time workers can receive enticing perks like retirement plans and health insurance, gig workers and others with part-time hours may be solely responsible for their own savings and benefits. That can make it difficult to prepare for the retirement lifestyle you want, especially if you only work a single part-time job.

“I’m going to tell you as a retirement planner … it is not possible for most people,” says Wendy Terrill, owner of retirement planning firm Assurance & Guarantee in Burlington, North Carolina.

Still, for those who are willing to work more than one part-time job, commit to putting money aside in a retirement fund and make smart choices about insurance and benefits, retiring comfortably is doable. “It depends on what you define as comfortable and what you’re willing to give up (to get there),” says Corbin Blackwell, a certified financial planner with Betterment, an online financial firm offering retirement accounts and other services. Following these additional strategies below can help part-time workers be better prepared for retirement.

Advantages of Full-Time Work

A part-time worker can combine several positions to match the income of a full-time worker, but there are other benefits that aren’t as easily replicated. One of those benefits is employer contributions to a retirement plan.

“Most people rely on their employer to take out a certain percentage of pay (for retirement),” Terrill says. Many companies offer a 401(k) retirement plan and will match employee contributions up to a certain percentage. That arrangement gives full-time staff an advantage over part-time workers who have to open and fund retirement accounts by themselves.

The SECURE Act of 2019 does expand access to 401(k) plans for part-time employees. Under the law, those who work 500 to 999 hours for three consecutive years are eligible to make elective deferrals to a company plan. However, the tracking period for this provision of the law doesn’t start until Dec. 31, 2020, which means that it won’t benefit part-time workers until 2024.

Another perk of full-time work is benefits, such as health insurance, life insurance and disability insurance. Some large employers may also negotiate reduced gym membership prices, retail discounts and other perks on behalf of their workers. All of these benefits help full-time workers reduce out-of-pocket costs and free up cash for retirement savings. Meanwhile, part-time workers don’t typically have employer-provided benefits.

How Part-Time Workers Can Compensate

The basics of planning for retirement are the same for both full-time and part-time workers. As a general rule of thumb, that means planning to have annual funds available in retirement that equal at least 80% of pre-retirement expenses. To get there, part-time workers can use the following strategies.

Open a Retirement Account

Social Security isn’t intended to pay for retirement alone, and part-time workers without access to a workplace 401(k) plan will need to find another way to supplement their government benefits.

“You really have to be disciplined and create your own (retirement account),” says Ryan Skinner, president of Summit Financial Partners in Woburn, Massachusetts.

Funding a traditional IRA will offer workers an immediate tax deduction for their contributions while Roth IRAs provide the chance to take tax-free withdrawals in retirement. Workers can make combined contributions of up to $6,000 in these accounts in 2020. Those age 50 and older can contribute up to $7,000.

Make Your Own Benefits Package

While it’s easy to open an IRA, replacing workplace insurance coverage may be more difficult. “Generally, the biggest hurdle is going to be the lack of benefits,” Blackwell says.

Part-time workers may decide to forgo some coverage such as disability or life insurance, but by law they need to purchase a health plan. Policies can be purchased on the individual market, or for those with incomes lower than 400% of the poverty level, government subsidies are available to help pay for plans offered on the federal and state health insurance exchanges.