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.
Acuma’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines. Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact Head of Media and Public Relations for deVere Group on [email protected] or call +44 2071220925.