It is being said that if you are self-employed, you are off the hook for national insurances increases following the chancellor's dramatic u-turn but are you saving enough for retirement.

Looking at some current facts (March 2017), it would suggest that many of those working for themselves have not yet prioritised their own retirement planning needs. 

• While 86% of employees have a pension, this falls to just 50% for the self-employed. 
• Employees save around £400 per month while the self-employed save £290.
• 45% of employed people feel they are not sufficiently prepared for their financial future, but as many as 58% of the self-employed feel the same way.
• 84% of the self-employed aged 30-45 say the are not saving or investing because they cannot afford it.
• The new state pension means a self-employed person in their early 60s who spent all their working life paying NI contributions will have seen their expected pension rise from £119 to £155.

What this highlights is the importance of savings and financial planning if you are working for yourself to ensure you are not getting left behind and with significant experience in this area, we can advise on the best steps to take to suit your circumstances and requirements.  

You can read more about our services here by looking at our pages on Pensions & Retirement Planning, Savings & Investments and Portfolio and Regular Reviews where you can also download the information sheets available.

If you would like to arrange a no-obligation free initial meeting with one of our specialist advisers, please call us on 0141 572 1340 or email and we will get a time organised for you.

*Sources: Old Mutual/Royal London