{"id":30489,"date":"2021-10-04T22:12:30","date_gmt":"2021-10-04T21:12:30","guid":{"rendered":"https:\/\/www.peopleperhour.com\/discover\/?post_type=news&#038;p=30489"},"modified":"2021-10-04T23:12:07","modified_gmt":"2021-10-04T22:12:07","slug":"pensions-for-freelancers","status":"publish","type":"news","link":"https:\/\/www.peopleperhour.com\/discover\/news\/pensions-for-freelancers\/","title":{"rendered":"Pensions for freelancers \u2013 5 good reasons why you should future proof your finances"},"content":{"rendered":"\n<p>Ugh, pensions. Just hearing the utterance of the word can leave freelancers in a cold sweat.<\/p>\n\n\n\n<p>Setting up a pension as a freelancer is something that tends to fall to the bottom of the to-do list, especially as it eats into your earnings. You\u2019re not alone.&nbsp;<strong>Only 31% of self-employed professionals are currently saving into a pension.&nbsp;<\/strong>The truth is, most of us don\u2019t want to face the fact that we will get older and our health will decline, but when that day comes we\u2019ll be kicking ourselves that we didn\u2019t wise up.<\/p>\n\n\n\n<p>Contrary to popular belief, a freelance pension can be easy to set up and simple to manage, no matter what your circumstances are. Even if you don\u2019t know where your next client contract is coming from, getting into the mindset of seeing your self-employed pension as a business expense is a sensible habit.<\/p>\n\n\n\n<p>Unconvinced? Here are 5 good reasons why you should future proof your finances by saving towards a freelancer pension.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignleft\"><img decoding=\"async\" src=\"https:\/\/www.peopleperhour.com\/discover\/wp-content\/uploads\/2019\/08\/icons8-team-Ph5_4TnXXYE-unsplash.jpg\" alt=\"\" class=\"wp-image-26867\"\/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">#1 Saving is easy<\/h3>\n\n\n\n<p>\u2026..Said, no-one ever.<\/p>\n\n\n\n<p>In all seriousness, you don\u2019t have to be putting away hundreds of pounds each month to be a savvy saver. Saving just \u00a350 per month will tot up to \u00a36000 over a period of 10 years.<\/p>\n\n\n\n<p>The best way to start saving is to set up a direct debit to a separate account. If you rely on solely your current account, it\u2019s very easy to fritter that money away.<\/p>\n\n\n\n<p>Saving so far into the future can make the pursuit of a freelancer pension seem fruitless but remember, it\u2019s still your money and it will earn interest over time. Then, as you get more comfortable planning long-term, you can increase your payments accordingly.<\/p>\n\n\n\n<p>Unless you were bold enough to work for yourself straight out of school or university, it\u2019s likely you have already paid in to a pension in any previous employment roles. Find out the names of the providers and whoever you choose for your self-employed pension will help make sure all that previously lost money is transferred over.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignleft\"><img decoding=\"async\" src=\"https:\/\/www.peopleperhour.com\/discover\/wp-content\/uploads\/2019\/08\/jp-valery-9BatP4ovW2I-unsplash.jpg\" alt=\"\" class=\"wp-image-26872\"\/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">#2 The alternative is living on \u00a3674.40 per month<\/h3>\n\n\n\n<p><a href=\"https:\/\/www.gov.uk\/government\/publications\/your-new-state-pension-explained\/your-state-pension-explained\"><strong>The UK government state pension is currently set at \u00a3168.60 per week<\/strong><\/a>, and research from a wealth management company in 2018 highlighted that&nbsp;<strong>nearly 1\/3 of self-employed workers plan to rely solely upon this state pension in their retirement<\/strong>. Let\u2019s suppose you have a mortgage and bills to contend with. That doesn\u2019t leave a lot leftover for the bucket list.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignleft\"><img decoding=\"async\" src=\"https:\/\/www.peopleperhour.com\/discover\/wp-content\/uploads\/2019\/08\/sebastian-herrmann-NbtIDoFKGO8-unsplash.jpg\" alt=\"\" class=\"wp-image-26874\"\/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>#3 Saving for a freelance pension is a good excuse to raise your day rate<\/strong><\/h3>\n\n\n\n<p>When was the last time you increased your rates? Despite rising inflation, many freelancers don\u2019t adjust their fees accordingly. Let\u2019s remember that in the year 2000 a Cadbury\u2019s Freddo cost just 10p, now it costs 25p.&nbsp;<\/p>\n\n\n\n<p>What better way to ease the pinch of paying into a pension than increasing&nbsp;your earnings? Freelancers can be guilty of thinking short-term when it comes to finances. After all, many work on a project or short term contract basis, and find it difficult to predict their income month to month or one year to the next. By allowing yourself to earn more, you\u2019ll be more comfortable with saving.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignleft\"><img decoding=\"async\" src=\"https:\/\/www.peopleperhour.com\/discover\/wp-content\/uploads\/2019\/08\/katie-harp-pinterest-manager-QqAkoMIN5Jk-unsplash-800x532.jpg\" alt=\"\" class=\"wp-image-26870\"\/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">#4 Help and support is out there<\/h3>\n\n\n\n<p>As a freelancer,&nbsp;you already know all about the benefits of outsourcing, so finding a financial adviser&nbsp;to steer you in the right direction is an investment worth making. Think of all the time you\u2019ll save and how much more money you\u2019ll make, from seeking the help of someone who knows the ins and outs of the finance industry.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.peopleperhour.com\/discover\/wp-content\/uploads\/2019\/08\/room-B_8FwpJICIo-unsplash.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">#5 Pension contribution providers are diversifying<\/h3>\n\n\n\n<p>No longer are pension contributions&nbsp;solely reserved for those chained to open plan desks and 25 days holiday a year.&nbsp; Companies such as&nbsp;<a href=\"https:\/\/yourbau.com\/pensions\/\" target=\"_blank\" rel=\"noreferrer noopener\">yourBAU<\/a>&nbsp;are committed to helping self-employed workers access helpful resources and benefits. They are the first UK company to offer pension contributions for self-employed workers and 1.5% cashback for those who generate over \u00a310,000 on their platform.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ugh, pensions. Just hearing the utterance of the word can leave freelancers in a cold sweat. Setting up a pension as a freelancer is something that tends to fall to the bottom of the to-do list, especially as it eats into your earnings. You\u2019re not alone.&nbsp;Only 31% of self-employed professionals are currently saving into a [&hellip;]<\/p>\n","protected":false},"featured_media":30490,"template":"","news_categories":[225],"class_list":["post-30489","news","type-news","status-publish","has-post-thumbnail","hentry","news_categories-industry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Pensions for freelancers \u2013 5 good reasons why you should future proof your finances - PeoplePerHour Discover<\/title>\n<meta name=\"description\" content=\"Are you self-employed? It&#039;s time to talk about pensions. Freelancers, we&#039;re looking at you. 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