Freelance Informer - mid-life pension review

"I believe that everyone should understand what they have in their pensions and more importantly what those pensions may provide them with in the future. Having a financial plan where you can make assumptions and see what the future will look like is invaluable. Without it, you will either work too long, not knowing that you could have stopped sooner. Or you will stop too soon and run out of money in your old age."

One of the most common things clients tell me is that they wish they'd sought financial advice sooner. Freelancers and business owners are often the ones panicking as they near retirement and realize they haven't saved enough. A Midlife Pension Review makes total sense to ensure people don't leave it too late.

Speak to an older friend, colleague or family member and they will often tell you that starting a pension when they were younger was the best thing they did. Or they will tell you they wished they had started one earlier. Pensions are a key part of achieving financial independence. Freelancers in particular should ensure that they have assets outside their business to enable them to retire in comfort. Remember, it is never too early, or too late, to obtain independent financial advice. And a Midlife Pension Review is a very sensible idea.

Often in cases where earnings are irregular or the success of a business is your responsibility pension planning can become and afterthought. So for the self employed and small business owners it becomes all the more important to understand pension options and have a long term plan in place. You could be missing out on valuable tax efficiencies or leaving yourself overly reliant on continued earnings or the value of your business, both of which can be unreliable, as you approach retirement.