Self-employed fail to save for retirement

| March 23, 2010 | 0 Comments
Self-employed fail to save for retirement

Self-employed people are failing to put enough money aside for their retirement, Standard Life claimed this week.

The pensions provider said half of self-employed people aged 35-44 have saved less than £3,500 towards retirement.

This is compared to an average of £73,000 in pensions savings for employed people of that age.

“The recession has created a cohort of self-employed entrepreneurs who are absolutely focused on maintaining their successful business,” said Andrew Tully, senior pensions policy manager at Standard Life.

“But, by focusing on their business and neglecting their personal finances, self-employed people are putting their future at risk.”

He added that self-employed people receive lower state pension benefits than employed people when they retire.

“This group need to reality check their plans and take steps now to safeguard their income into the future,” he concluded.

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