There still hangs a dark grey cloud over the financial situation for the British population. With recent changes to the pension guidelines, it has left thousands worried about their financial future.
In the time of recession, with many business’s facing redundancies, it is estimated that 4 million are now self employed. In 2011-2012 200,000 (source ONS) people already taking the leap to being their own boss with a hope of regaining a stable financial future.
An Island of hope
Internet business is becoming the new workplace where people begin to slowly build their business empire from home. It is a sad state of the economy that people seem to view employment with no security as it once did. We all dream of retiring in a sunny climate with sandy beaches, but at what age can we expect to live this dream? A local businessman commented, when asked, “The choice to become self employed was a decision to see my family and personal gains financially secure. Working long hours for years upon end before you can expect to see some rewards will determine how I can benefit from a good pension. Whether you achieve the income you desire has to be balanced with other work benefits.” Many mature workers will consider a private pension at the age of 35- 44. (source ONS). As a UK population, we are living longer, with a retirement age of 65, self employed workers may not consider retiring till years after.
Saving for a future
Having a retirement fund isn’t something we like to sit down and talk about especially if you begin to see a grey hair or two. There is room to suggest that planning a retirement is being shelved unless you are lucky enough to work for an employer who offers a company pension. If you fall into the young demographic bracket, a company pension is a good way of starting your pension when you are looking for a future career. You can however, look to pay into a private pension, which offers many benefits.
So as it stands many people that have a private pension are in fear of losing what they paid into it with little faith that it will reap rewards when they retire. Questions are still unanswered and it seems that the answers are not going to get any clearer for a while.
By finding some help with your pension can be the first step to saving a manageable lump sum each month. Pension advice is available at the visit The Pension Bureau where you can find the right pension for you.