Self employed pension

Marissa242831

My husband is 58 and self employed. Is it too late to start a pension. We have savings and can contribute a set amount each month but is it possible?

Troxy

Yes it is possible

MX5huggy

It’s not too late and yes it’s possible. In fact as you have savings it’s probably best you live off those savings and put all his income into a pension.
But as a couple it might be better to contribute to your own pension. 

xylophone

Is it too late to start a pension.

No - he can contribute and receive tax relief up to age 75.

Just for information - https://www.pensionbee.com/pensions-explained/pension-types/self-employed-pensions#:~:text=If you're self-employed,it to your pension pot.

But he has a wide choice of providers of SIPP/personal pension.

https://www.moneysavingexpert.com/savings/cheap-sipps/

https://www.which.co.uk/money/pensions-and-retirement/personal-pensions

Or he could consider a stakeholder

https://www.standardlife.co.uk/pensions/personal-pension/stakeholder

xylophone

And have you both checked your state pension forecasts?

https://www.gov.uk/check-state-pension

Albermarle

You  might find this government website handy to get some basic background knowledge about pensions.

Pensions and retirement | Help with pensions and retirement | MoneyHelper

The main advantage of a pension over other savings/investments is the tax relief.