I’ve been thinking about the future a lot more recently. I’ve never had the spare cash or wiggle room in my budget to pay into a personal pension. A self employed pension is a great idea but it’s often so hard for the self employed to actually find the funds for it.
Different Options
I decided to look around and see what self employed pension opportunities there are out there. There are actually more than you might think. There are pension plans available that accommodate different types of work, just like the self employed. You can pay in what you want, when you are able to. That means you don’t need to pay a certain percentage every month. You can even go months without paying anything into the pension fund should you need to. I’m going to fund it whenever I feel that I can. Perhaps if I get a little bit of extra work one month, pick up a few extra paid blog posts or my side hustles bring in a bit more.
Get A Bonus
After much research and looking around at various companies, I decided to open my pension with Penfold. If you like the sound of them, use my link and once you make your first deposit we’ll both get £25.
There are different levels of risk with the pension fund that I chose. You can choose level one which has next to no risk and is good if you are close to retirement age. Or you can work through to level four which has more risk but more potential reward. As I have no real experience of this and am well away from retirement age I’ve gone for level three.
Find out how to maximise your pension.
The Future
The state pension isn’t much and the age that Ill be able to access it will probably change. I want to be able to enjoy my retirement in a few decades time, visit nice places, pay for our way of life, buy things for our grand kids. With the Penfold self employed pension the government top up my payments by 25%. I’ll let you know how the first few months go in a future blog post, but if you’re in a similar situation, start looking at your options. We need to focus on the here and now but the future is also important.
