Many assume that only younger people work in the gig economy. But according to Alexandrea J. Ravenelle, author of Hustle and Gig: Struggling and Surviving in the Sharing Economy, “about a quarter of those in the gig economy are closer to their forties, fifties, and even in their sixties.”

In a Yahoo Finance interview, Ravenelle shares some ideas of how to prepare for retirement at any age if you participate in the gig economy. Working in the gig economy has risks, including “financial issues such as deactivation or being unable to save for the future,” Ravenelle notes.

“If you are in the gig economy [whether part- or full time], it’s a good idea to turn towards a SEP-IRA, which will allow you to put in about up to 25% of your income. . . . That type of move can reduce your taxes and allow you to be able to save for retirement.

“Never turn down free money. . . . A number of people working in the gig economy actually have full time jobs. Their gig work is their side hustle. So if you’re doing that and you have access to a full time job with a 401K or the non-profit version of a 403B and there’s a match, definitely do that.”

Hear more from Ravenelle in the interview. And read an excerpt from Hustle and Gig.