Recent reports of falling annuity rates and the rising cost of living may not have inspired many people, particularly self-employed workers, to focus on saving for their retirement.
Recent research by Prudential revealed that four in ten self-employed workers expect to carry on working until they are physically unable to do so or even die.
A large number of self-employed workers are focused on investing in their business, rather than saving into a pension scheme. High living costs and business expenses are also hindering the ability to place money aside for the future.
Failing to save for the future can pose many risks, however, particularly later in life.
Saving for a personal pension, even a minimal amount each month, can help to safeguard for the future and provide peace of mind.
A wide range of personal pension products are available to suit all lifestyles and retirement plans, with the flexibility to stop or amend contributions during periods of low income.
Stake-holder pensions allow savers to contribute small amounts, as low as £10 per month, with the flexibility to increase or decrease contributions at any point during the scheme.
Savvy savers can also take advantage of self-invested personal pensions (SIPPs), by investing in individual stocks and shares and investment funds.
Patrick Connelly, financial planner at AWD Chase de Vere, suggested that many people may prefer the flexibility of tax-efficient individual savings accounts (ISAs), which allow up to £11,280 to be invested in stocks and shares.
"If you suffer a downturn in your earnings or you want to invest more money in your business, you might need to dip into your savings," said Connelly.
"You can do that with an ISA, but you can't touch your pension money."
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For help or a pension quote call TQ Invest:
0800 294 7203
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