Managing Your Money 

How to save for retirement if you are self-employed

How to save for retirement if you are self-employed

If you are self-employed, saving for your retirement is likely to be a low priority. However this can be a mistake. People usually need to save more than they think they do to finance the lifestyle they would like during retirement. Among the self-employed, the most common reason for not saving for retirement is an inconsistent stream of income. Self-employed individuals need to keep their finances flexible to ensure they have enough to meet daily living costs, business expenses and tax bills. For this reason, putting money into a pension plan may not be ideal, as it cannot be accessed until at least age 55. 

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