Three Ways To Save More When You’re Self-Employed

The self-employed have the potential to earn more, and build wealth faster than a traditional employee, if their business allows. If not managed correctly, though, a solo owner can also find themselves well behind retirement unless they take proper steps to save.

This reality was highlighted again with new research looking at the self-employed savings levels out of the United Kingdom. The UK, which has a public pension plan, encourages employees and business owners alike to fund their retirement. According to new research by the UK’s Institute for Fiscal Studies, only 20% of those making 10,000 pounds ($13,362) or more contribute to the pension plan on a yearly basis. On the flip side, 80% of employees making more than $13,362 contribute to the same pension plan.