07 Nov 2019
Only a quarter of self-employed workers are contributing savings towards a pension fund – Recent study done by DWP (dep of work and pensions)
People are generally not very good at saving, especially for retirement.
Employed workers have a slight advantage, as often, company pension contributions are compulsory and taken directly from salaries. This forced retirement savings method, is for many the only retirement savings an employed person is contributing towards.
Self-employed people on the other hand have no compulsory savings plans in place. The study shows that 75% are aware of the importance of retirement savings, but still haven’t committed to saving. Their capital is tied up in their business and they will start saving once it is established and there is cash flow.
Unfortunatly, the longer you wait, the more you would have to contribute towards retirement.
What could self employed workers do to start saving for retirement?
Speak to your deVere Acuma adviser about all the retirement savings options that are available to you. [email protected]
Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere Acuma adviser for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.