As we are not getting any younger, let’s get straight to the point.
Have you thought about your pension?
I’ll be completely open and honest. I am 32 next week and I don’t have one. My pension currently is our house. When I was younger I always thought I have loads of time, then then years have just started to fly by.
It’s not the ideal situation and I’ll be honest, it’s not how I planned to be saving for our pension but life hasn’t always gone as planned. Bad financial decisions and the costs of owning a home and having children have not always been kind on the pounds to plan better but we do plan to change it all.
Now I have gone self-employed though, I really need to start planning a bit better for our retirement.
So, what is the plan?
Firstly, I need to get organised in my personal pension and set up a savings pot for this. I’m not sure at the minute whether it will be through a pension company or if I would just go for a saving account. This is something I really need to do a bit of research in as I want to make sure I make the right decision for my money.
With my first few weeks in self-employment now under my belt though I am also starting to look to the long-term future. The plan is this blog and my other blog would become a family business with Daddy Vs Work coming on board to help with some of the work load and ease the pressure of me.
Now although this is not going to happen straight away it is something that will need to be considered. Alongside the whole payroll issue that would need to be managed there is also now the government auto enrolment on pensions that need to be looked at. The FSB has a great support package in place to help the smaller companies ensure that they are completely compliant.
As I don’t really understand the whole policy that is in place I think this is one thing that is better outsourced from my point of view.
For me personally now, my priority is just to ensure that I have a pension plan in place, even if it is just a little sum at the moment. It will soon all start to add up!
Do you have a pension in place? I would be interested to hear your opinions on the different pension plans in place and how you have found them!