Influencer Money Advice: Why Start A Self Employed Pension UK
Hello friends!! I am back again with a Influencer Money Advice post and this one is on Why Start A Self Employed Pension UK. If you know me, you will know I’m passionate about pensions, especially if you are self employed. I truly believe it’s something we don’t discuss enough and it’s time we did! So I’m on a one-woman mission to get people talking and thinking about pensions for the self employed!! Today I’m going to share some reasons why you need to start a self employed pension, no matter what age you are!! Also, this post contains Pension Bee Refer-a-friend links, Pension Bee are a great company to start a self employed pension with, with no costs and an easy-to-use platform.
State Pensions Are Not Enough
Sorry to say this, but state pensions are not enough. So you NEED MORE! It could be ISA’s, it could be investment properties, but to be honest, an ISA will never grow like a Pension and an investment property is hard to manage, maintain and buy into. Where as a pension can be started from just £10 a month and not only that, it will grow harder and faster in percentage terms than most property will too!
It’s the BEST Savings Account You Will EVER Have
It’s true. The rate of growth you get on a pension is HUGE, especially compared to any other savings account on the market. It makes ISA’s look like a JOKE! For every £1 you put into a pension, the government will add an extra 20p in on your behalf as tax relief AND on top of that, the rate of growth can be 10-20% per year. So £1 could turn into £1.40 by the end of the year, and then that £1.40 will grown year on year on year until your retire. It’s pretty major!
A Pension Can Double As A Life Insurance Policy
Did you know your pension can double as a life insurance policy?! It’s true! If you are like me and you don’t have a life insurance policy, then your pension can double as one. Simply sign up, pay in, let it grow and name a beneficiary. If you pass, then your loved ones will be given your pension pot and you know they will have a little money to see them through a difficult time. Just a reminder, a state pension dies when you do, a private pension pot does not. Seriously, if you have children or a husband who depend on your income, even in a small way, then this is a GREAT reason of why you need to start a self employed pension UK now… not tomorrow!
Transfer Your ‘LOST’ Workplace Pensions In & Let Them GROW!
Did you used to have a job with a pension plan!? When you left that job did you feel like it was lost forever?! That feeling is SO normal, but I promise, it’s not lost forever, it just needs to be tracked and companies like Pension Bee will do ALL the hard work to track it and transfer it into a new pension pot for you. If nothing else, just sign up for a new pension to get this transferred and active again. Even if you don’t do anything else, just get it moved in and active and growing with the market. Oh and if you don’t have any of your old account numbers or details for these pensions, then don’t worry, Pension Bee will do all the hard work for you!
Pay In As Little As You Want Per Month
If you don’t think you can afford a pension right now, then think again. You can literally pay in £10 a month. That’s It!!!! The hardest part is starting and the best time to start a pension is yesterday, so get it set up now and up the contributions as and when you feel ready!
Paying Into A Pension LOWERS Your Tax Bill!!
No joke, your self assessment at the end of the year is actually LOWERED When you pay into your Pension! No joke! Not only do you get given 20% tax relief on ALL the money you pay into your pension, but at the end of the year, your pension contributions will lower your tax bill. It’s a BIG WIN! So not only are you investing in your future, but you are saving yourself money!
And there we have it! My Influencer Money Advice: Why Start A Self Employed Pension UK post! I really hope it’s of help! If you have any questions, please do let me know and please note this post contains a Pension Bee Refer-a-friend link.