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I havent saved into a pension in 30 years why Im starting now

Tracey has been self-employed for around 30 years, so having irregular income means retirement saving hasnt been easy

[Tracey Ford]

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Tracey Ford has retrained as a celebrant

It can be incredibly easy for pension saving to slip down the list of financial priorities but for Tracey Ford, this is the year she plans on taking action.

Tracey has been self-employed for around 30 years, so having irregular income means retirement saving hasnt been easy. And unlike those who are employed, there is no auto-enrolment scheme for those who work for themselves.

I'm turning 53 this year and I've got no substantial pension, said Tracey, who lives in Johnstone, Scotland.

I had a company pension when I was younger when I was working for an insurance company, but I think it's only a few thousand pounds. I don't really know exactly how much.

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When I became self-employed, it was the last thing on my mind, to be honest, because you worked week to week, month to month. There have always been other priorities.

She added: I just never made enough to part with any money. I got divorced as well. I've got a pension that's coming to me when he retires, which is not a substantial amount, but it is something.

Tracey isn't alone. The latest Scottish Widows retirement report shows more than one in three self-employed workers are at risk of pension poverty (35%) and 4.39 million remain outside the UK's auto-enrolment system.

So what has changed now for Tracey? She has had a hugely varied career, working as both a freelance singer and performer and a fitness instructor.

But in the last two years, she has retrained as a wedding and funeral celebrant and is focusing on building this up to become her main source of income.

Tracey said: I went from 15 weddings last year, to 42 this year and I'm sitting at about 35 for next year. I've got some for 2028.

So at least with this job, I'm getting booked two years in advance, so in my head, I can work out my finances.

I'm going to be able to be a celebrant longer than I would be a performer, so I think it's time to get something in place before it's too late.

Tracey now plans to use some savings to start a private pension later this year, and has urged others that it is never too late to begin thinking of your retirement.

She said: It's easy to say in hindsight, that I should have done this earlier. But I would definitely advise people at an early age to look into the type of pensions that are available. I also think there's probably a pension for everyone's income. But it's never too late.

Tracey added: I do know that by the end of this year, I plan to have a lump sum in my head. It is a bit scary because I have left it late in my life.

I'm hoping to save between 10,000 and 15,000 and if I can, I'll probably stick half of that into a pension.

You can calculate how much pension income you are likely to have when you retire by using this calculator on the Money Helper website.

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