I've just received my Scottish Widows pension statement.
It will give me some income when I officially retire but not enough for total support.
I stopped paying into it when I sold my company in 2004. Any spare money I had went into renovating our property: It's my pension pot, I guess.
Pensions are a minefield and I won't attempt to give advice on where to invest (maybe others can share their experience?) but what I will say is, don't leave it too late.
I've just turned fifty and I realise only now how important financial support will become as I'm less capable of working.
Self-employed people do tend to consider retirement last because there always seems to be something else calling on any spare money.
I recently visited an old friend whom I started my gardening career with. He is now 80 yet he still gardens for a few regulars. I don't think he is hard-up but I guess that extra little income helps a bit.
What advice would you give to others?
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it certainly is a minefield especially with ultra low interest& with the returns being offered for annuity's.
I left a career with a local government pension salary based to follow my dreams of working in the horticultural industry.
I am planning on selling my house in england and moving abroad.
Im fortunate to not have a mortgage any more so save a bit plus with the pensions ive got from previous employment( limited )
im looking for a quiete life growing my own fruit & veg with a small holding setup.
In the sun.
Well, I am at THAT stage! I have paid into two pensions for many years. One matured 7 years ago, which I didn't take and the 'pot' has now almost doubled and the other I can take any time now. I passed 65 last year, so get my £450 per month national pension, but realised many years ago that the combined pensions would not provide the income we would like and decided to gradually cut back on 'landscaping' to promote the maintenance side, with a view to carrying the business on while taking a back seat and eventually (hopefully!)selling on.
So far so good - I have cut down to 3 days per week and have 3 full time and 2 summer part timers keeping things going nicely. My advice would be, pay into some kind of pension as soon as you can. Look to expand your business, so that you can ease off while still earning later in life. One thing is certain, it is hard graft on your own and your earning potential will be limited.
I have a personal pension which I have paid in to since I was 25 and NM Garden Services now offers a company pension scheme which I will also be taking advantage of - as I hope our staff do too.
I used to pay into 2 small pensions with £50 account charges on each and non of them paid bonus in three years so I made them paid up put the premiums into a Isa much better returns than a pension
moved the pensions to another provider and at long last they are starting to make a little bit
I am hoping that I can grow my company so it pays me a divided when I retire or that i cn sell it off at the end, i also have invested in a rental property and just re financing if to buy a little flat so hopefully in 30years I will have a decent property portfolip aswell
I put £50 a month away to a SIPP and any lump sums whenever I can - Intention is to use my pension to get a BTL as they can be liquidated to cash easier than some forms - and still provide a rent income in the meantime,.
As self employed you really need to get a FA to do the calcs and give you advice.