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self-employed pension
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rach_Lambert
Posts: 1 Newbie
Can anyone help please!
My 20 year old son is self-employed and wants to start saving for his pension and doesn't know where to start. He is saving the max in a right to buy isa already but since the budget and the New life time isa he doesn't know whether that is the best option for him instead of a private pension?
My 20 year old son is self-employed and wants to start saving for his pension and doesn't know where to start. He is saving the max in a right to buy isa already but since the budget and the New life time isa he doesn't know whether that is the best option for him instead of a private pension?
0
Comments
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Because he's self-employed he won't get an employer contribution. Unless he's managed the heroic feat of becoming a higher rate taxpayer at 20 I suggest he pause on pensions until he's dealt with urgent things such as amassing an emergency cash fund, and amassing money for a housing deposit. The LISA should suit him very well in April '17. Meantime he might like to save in high interest current accounts and regular savers. TSB might be a good bet: they also offer a money-off contactless card.Free the dunston one next time too.0
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