With the help of Slater Financial I can relax safe in the knowledge that my savings are working hard for me.

Julie Carter

I’m Self-Employed, How Should I Save for Retirement?

June 3, 2016

Whilst the internet is filled with resources offering the latest and greatest information about workplace pensions, for the growing proportion of the population that is self-employed understanding what your options are is a little more difficult.

According to the Office for National Statistics (ONS), self-employment is at its highest level since records began in the UK, with some 4.6 million people now working for themselves. But whilst individuals employed by a SME or larger corporation have their workplace pensions to fall back on, retirement savings schemes seem to be few and far between for those that are self-employed. However, with the right financial advice from our Buxton based specialists you can save for retirement effectively and efficiently with a flexible plan that suits you now and in the future.

Can’t I just rely on my State Pension?

Like employed individuals, the self-employed are entitled to the State Pension, but with current rates of £119.30 per week, even getting the full amount that you are eligible for after 30 years of National Insurance (NI) contributions isn’t enough to sustain the most frugal lifestyle come retirement.

Whilst the new flat rate State Pension, for individuals reaching retirement age on or after 6th April 2016, means more money per week (£155.65 to be exact) having other resources at your disposal is a must.

What are my options?

Shockingly 53% of self-employed men and 67% of self-employed women have no pension savings at all. Whilst being your own boss comes with a number of advantages, the workplace pension plans offered by employers provide a convenient and affordable way to save for those years after retirement.

The key to saving when you’re self-employed – start as soon as possible!

To find out which pension scheme is right for you contact our team today for the very best financial advice.

*This article does not constitute financial advice. Slater financial strongly advises you to seek professional advice before making any financial decisions.*