Top tips on saving for retirement if you’re self employed

Whether you look towards pensions or consider another method, it’s important to have money for when you’re older

16:59 15 January 2013

Self-employed individuals are responsible for their savings when it comes to reaching the retirement age. In many cases, people don’t have private pensions schemes set up, as there may be no spare cash that can be put into savings each month.

 

Other self-employed individuals think that they will work throughout their lives so there is no need to have financial provisions set-up for when they reach retirement.

 

However, we never know what will happen in the future so it is best to look into investing your money for the future.

 

You never know, you may suffer ill health that prevents you from earning money, or you may require treatments and services you may have to pay for when you are older.

 

Here are some tips to consider ahead of your retirement;

 

·         Consider how much money you think you will need and whether you will stop working at 65 years old, or before or after, if at all; it’s always good to plan when you expect to retire.

 

·         Look to your state pension and think about how many years of National Insurance you have contributed.

 

·         Refer to any assets you may have such as property as it all adds up.