Planning for your pension can often take a back seat to the day-to-day grind of work life. There’s always tomorrow to start planning. At some point though you will have left it too late and many people do just that. There is a whole generation of people who assume, rightly or not, that they may never get the chance to retire like our parents and grandparents had the chance to do. They are wrong, you can make the right choices now to ensure you don’t have to worry when it comes time to retire.

Start Planning as Early as You Can

This is the biggest advice you can take from this article. Start right away; there is no point in delaying, whichever route you decide to take at least you are on that journey now and planning for your future but also the future of your partner, children, and grandchildren.

Unlike when you’re an employee it is down to you to make the arrangements, no one else. There will be obstacles in your way and when you can’t guarantee a regular set wage it can seem difficult to put pension plans in place, but you can do it, with advice from financial professionals.

Take Advantage of Benefits Available through Expert Advice

There are a number of different pension benefits open to self-employed persons, from employing your husband or wife and including them within the company pension; to putting your business premises on the pension through a self-invested personal pensions (sipp); or claiming tax relief up to three years previous through your self assessment with the HMRC.

For each of these options there are technical details that are too detailed for this article alone, but when speaking to a pensions specialist be sure to bring this up. There are a number of pension plans available that are more suited to business owners and self-employed persons. It is a completely different ball game to setting up a personal pension when you have a full time job elsewhere.

Starting your own company as a self-employed person is difficult at best and with the many obstacles you will face from the very beginning it is good practice to put together a plan of action for your twilight years as soon as you possible can. Take the advice of financial and pension specific specialists, plus the advice of other people who you have met through networking that have successfully grown their businesses.

Our Free Download section is also full of templates which will help you get started.

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