If you are self employed and aged between 25 and 40, then get ready for a shock, because you might be working for longer than you think.
79 is the exact age, when you can finally retire and enjoy life. Until that time, you are going to be working around the clock and wondering where all the time went.
Think we are pulling your chain? Then think again, because it was financial planning experts themselves who have compiled data about self employed people in the UK and their retirement.
They estimate that most self employed workers are going to over estimate their retirement age by 10 years or more, which means you can forget about retiring in your 60’s, and for some people they can forget about retiring in their 70’s.
It will be their 80’s…when they can finally hang up the keyboard or put down their tools, and then go sit on a beach or do a bit of gardening.
Even worse, the experts suggest many self employed people will have to top up their pension with a part time job such as flipping burgers at McDonalds.
“Would you like a drink with that,” said the 84 year old with a headset.
Hey, there is nothing wrong with working at McDonalds, and if you want to join forces with Ronald in your 80’s then great! But to do so against your will because you don’t have your pension sorted out? That is just madness, if you ask us.
Wouldn’t you prefer to be spending your 70’s and 80’s with family and friends? Maybe even on the golf course or in your villa in Spain? These are the things you should be doing in your later years.
However, millions of self employed people in the UK won’t have this to look forward to. They will be working, working and working…and then working some more. All because they ignored getting their self employed pension sorted out.
A recent survey revealed that most self employed people need at least £35,000 a year to live on if they were to retire, and 50% of those surveyed said they had not even started to save into a pension that would give them an income anywhere close to that.
If you think the State Pension is going to save you, then think again. The government are doing everything they can to reduce the amount you get. Some say the State Pension might not even be around in 40 years. Who knows for sure?
The only thing we know for sure is you must sort our your self employed pension. Do it for yourself and do it for your family.