How To Retire If You’re Self-Employed
How To Retire If You’re Self-Employed
Retiring as a self-employed worker can be a daunting task, especially if you do not have a retirement plan in place.
Typically, most people will be eligible for the state pension. This is paid for by Government from the national insurance contributions you have made during your working life. However, most people choose to invest in additional pension pots to supplement their retirement income.
Find out when you can claim the state pension >
Unlike a PAYE worker, self-employed individuals have to take full responsibility for their retirement savings and ensure that they have enough money to sustain their lifestyle after retirement. Here at Hansford Bell, we have comprised this article to discuss some of the steps you can take to ensure that you retire comfortably as a self-employed individual.
Start Saving Early for Retirement
One of the best ways to ensure that you retire comfortably is to start saving as early as possible. The earlier you start saving, the more time your money will have to grow, and the more you will have saved by the time you retire. As a self-employed individual, you will not have access to an employer-sponsored retirement plan. However, you can still save for retirement by opening a self-invested personal pension (SIPP) or a Simplified Employee Pension (SEP) plan.
Set Retirement Goals
Before you start saving for retirement, it’s important to set clear retirement goals. This includes determining the age at which you want to retire, the lifestyle you want to maintain in retirement, and the amount of money you will need to achieve your retirement goals. Once you have a clear understanding of your retirement goals, you can then work towards achieving them by saving and investing accordingly.
Hansford Bell’s top tips for setting financial goals >
Create a Budget
Creating a budget is an essential step in retirement planning for self-employed individuals. A budget will help you keep track of your expenses and ensure that you are living within your means. It will also help you identify areas where you can cut back on expenses and redirect those funds towards your retirement savings.
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Invest Wisely with a Financial Planner
Investing your money wisely is critical if you want to retire comfortably as a self-employed individual. The stock market can be a great place to invest your money, but it can also be risky. However, you can still do your research and learn about different investment options, such as mutual funds, shares, exchange-traded funds (ETFs), and bonds.
Luckily at Hansford Bell, we can help take this stress away. Our leading wealth management experts can advise you on the best places to invest your money to enhance you investment portfolio.
Hiring a financial planner can be an excellent way to ensure that you retire comfortably as a self-employed individual. A financial planner can help you create a retirement plan that is tailored to your individual needs and goals. They can also help you invest your money wisely and provide guidance on tax planning, estate planning, and other financial matters.
Independent Financial Life Planning Services for Self-Employed Workers
At Hansford Bell, we understand that retirement planning for self-employed individuals can be a complex and challenging process, and reaching these goals are a part of a larger financial plan. That’s why we offer independent financial life planning services, tailored to the needs of self-employed individuals. Our team of experienced financial advisors can help you create a retirement plan that is designed to meet your individual needs and goals.
We offer a range of services, including retirement planning, investment management, tax planning, estate planning, and risk management. Our team is committed to providing personalised and comprehensive financial planning services that can help you achieve financial independence and retire comfortably.
Retirement planning services
Our retirement planning services are designed to help you create a retirement plan that is tailored to your individual needs and goals. We work with you to determine the lifestyle you want to maintain in retirement and the amount of money you will need to achieve that lifestyle. We then develop a retirement savings and investment plan that is designed to help you reach your retirement goals.
Take a closer look at our retirement services here. >
Investment management services
These are designed to help you invest your money wisely. We provide guidance on different investment options and help you create a diversified investment portfolio that is designed to help you achieve your financial goals.
Take a closer look at our investment management services here. >
Tax planning services
Designed to help you minimise your tax liability and maximise your retirement savings, we work with you to identify tax-efficient investment strategies and help you make the most of tax-advantaged retirement accounts.
Retirement Advice with Hansford Bell
Retiring as a self-employed individual requires careful planning and diligent saving. At Hansford Bell, we understand the unique challenges that self-employed individuals face when it comes to retirement planning, and we are committed to providing personalised and comprehensive financial planning services to help you achieve financial independence and retire comfortably.
Whether you are just starting to save for retirement or are nearing retirement age, our team of experienced financial advisors can help you create a retirement plan tailored to your individual needs and goals.
Contact us today for call us on, 01822 617 960 to learn more about our independent financial life planning services for self-employed individuals.
This blog is for general information only and does not constitute advice.
A Fresh Approach to Financial Planning and Advice.
Hansford Bell aren’t your average team of financial specialists. We take the time to get to know our clients and help them realise what they want from their life, whether that’s a personal ambition or a financial goal.
Our planners are highly experienced and know the industry inside-out. We combine simplified, straight-forward tips and guidance with cutting-edge technology and a comprehensive understanding of your situation. We focus on your finances, so you can focus on living your life.
Want to know more? Talk to us today and we can start making that dream future a reality!
