Tracey Ford, a self-employed individual from Johnstone, Scotland, is making a commitment to prioritize pension saving this year. Having worked independently for three decades, Tracey faced challenges in saving for retirement due to fluctuating income and the absence of an auto-enrolment scheme for self-employed individuals.
At 53 years old, Tracey realized she lacked a substantial pension, having only a small amount from a previous company pension. Transitioning to self-employment, retirement saving was not a priority amid financial uncertainties and other pressing needs.
With over one-third of self-employed workers in Scotland at risk of pension poverty and millions excluded from the auto-enrolment system, Tracey’s situation mirrors a broader trend. However, her career shift to becoming a wedding and funeral celebrant has brought stability and increased income prospects.
Expanding her celebrant services, Tracey is now securing bookings years in advance, allowing her to plan her finances more effectively. Recognizing the importance of saving for retirement, she intends to kickstart a private pension using her savings and encourages others to start planning for their future regardless of age.
By aiming to save £10,000 to £15,000 this year, Tracey hopes to secure her financial future by allocating a portion to a pension fund. She emphasizes the significance of exploring available pension options tailored to different income levels and underscores the importance of initiating retirement planning at an early stage.
For those interested in estimating their future pension income, a calculator provided by the Money Helper website can offer valuable insights. Tracey’s proactive approach serves as a reminder that it is never too late to start preparing for retirement.
