"Having a decent pension is key to give people choices in later life. Most people need support to make sure that they make the most of their retirement savings. There needs to be a focus on providing this support for the growing numbers of self-employed people."
Tom Selby, senior analyst at AJ Bell, said a midlife MOT could help as the cost of financial advice for some could be deemed excessive.
Article continues after advert
He said: "The issue of lump income is a problem and is difficult for a lot of self-employed people to overcome. The most important thing, as with anyone trying to save for retirement, is to save what you can afford, once you’ve paid off all your bills and any existing debts."
Venilia Batista Amorim is a freelance writer for FTAdviser
Page 2 of 2
