Around 40% of self-employed workers are actively saving for retirement, according to research8. This leaves three in five who could be missing out on crucial peace of mind and tax benefits.
Compared to employees, who have the certainty of employer pension contributions, self-employed workers, contractors, freelancers and business owners face a unique set of challenges. Here’s how to look after number one and make your retirement savings a priority.
Pay yourself first
The reality for self-employed workers is that retirement planning requires more personal ownership and discipline. Irregular or fluctuating earnings can make long-term saving feel less urgent or harder to prioritise.
To combat this tendency, it is a good idea to treat pension or retirement contributions like a regular business expense. Making regular contributions can be more achievable and build a bigger retirement pot than waiting for ‘surplus’ income.
Make it simple
When running your own business, you might have a thousand things that seem like a higher priority than paying into your pension. To ensure your future self doesn’t miss out on the retirement you deserve, make it as simple as possible for yourself now. One way to do that is to automate contributions, so money goes into your retirement pot each month – and you don’t have something else on your to-do list!
Let’s talk tax efficiency
Income, business performance and personal goals change over time, so it’s a good idea to have regular reviews. Your retirement plan can include pensions, ISAs, investments or business sale considerations.
Retirement saving can be more complex for self-employed workers. It’s never too early or too late to improve retirement readiness. Time to review your current retirement strategy and refine your long-term plan?
8Aviva 2026
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.