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Pension For A Contractor?
doire_2
Posts: 2,280 Forumite
Hello,
Im a 33 year old IT contractor and have not got a pension yet (should have done it years ago)
As im a contractor i dont "work" for a particular company so a work pension isnt possible.
Whats the best road for me to go down.
Im currently saving for a wedding and house deposit also! :eek:
Thanks for any help
Im a 33 year old IT contractor and have not got a pension yet (should have done it years ago)
As im a contractor i dont "work" for a particular company so a work pension isnt possible.
Whats the best road for me to go down.
Im currently saving for a wedding and house deposit also! :eek:
Thanks for any help
0
Comments
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Whats the best road for me to go down.
It depends on a number of things. Take a look at the ISA vs pension sticky at the top of this section as they are the main two tax wrappers for retirement planning.Im currently saving for a wedding and house deposit also! :eek:
There are always things which take your money. Dont take this the wrong way but if you are looking for excuses not to pay towards your retirement you will always find one. Right up until you are 67 and hit state retirement age.
If you need a solid reminder for the reason you need to plan for retirement then just think about having to work until age 67 as that is your state retiirement age (not 65) and the basic state pension is just £4716 a year.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
It depends on a number of things. Take a look at the ISA vs pension sticky at the top of this section as they are the main two tax wrappers for retirement planning.
There are always things which take your money. Dont take this the wrong way but if you are looking for excuses not to pay towards your retirement you will always find one. Right up until you are 67 and hit state retirement age.
If you need a solid reminder for the reason you need to plan for retirement then just think about having to work until age 67 as that is your state retiirement age (not 65) and the basic state pension is just £4716 a year.
Thanks for the help.
Dont worry...it was not an excuse. Just stating my cirumstances
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However when looking at pensions, it's always wise to work out what you can expect from the state first as that's the basic building block.
What's your situation on the state pension(s) as a contractor? Are you treated as self employed or as an employee?What NI contributions do you pay?Are you eleigible for S2P?Trying to keep it simple...0
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