Over 50s self-employed checklist

 The retirement age will go up to 67 for people born on or after April 1960. Most over-50s are likely to continue working for many years to come. The cost of living is causing more people to postpone retirement and many are choosing self-employment. It can also provide flexible working to support carers, health needs or lifestyle choices. For people with years of experience it’s a way to use their skills and maintain their income. Technology makes remote working at convenient times a practical option for many. 

 Checklist for over 50s self-employed people 

 1. Plan ahead – while you’re happy working now and might consider continuing well into your 70s this could change. Of course, your decision will depend on your financial position. You can set financial targets with the help of a bookkeeper or accountant. With some helpful financial accounts, you can make sure you stay on track. Then you can decide when and how to slow down or stop work completely.  2. Review your pension status – as a self-employed person, you’re entitled to a State Pension based on your National Insurance payments. Confirm how much you will receive and when you will receive it. Take a realistic view of how much you will need to live and whether your State Pension is enough. For the current tax year (2023/24), the full State Pension is £203.85 per week. If you have a private pension you could access it when you’re 55 although this will rise to 57 in 2028. If you don’t have extra savings or a private pension it isn’t too late to start.  3. Health insurance – to keep earning you need to stay healthy. As a self-employed person you won’t have an employee benefit package with health insurance included. You might consider private health insurance to help with fast diagnosis, treatment and recovery if you’re ever unwell. You could find your policy becomes more expensive as you grow older because some medical conditions are more likely. Regularly discuss your needs with your insurance provider to make sure you have the right cover at the best price.  4. Write a Will – less than a third of under 55s have made their Wills. It’s important to make sure your wishes are clear in case you die unexpectedly. You should also make sure you understand the rules about inheritance tax so that you can minimise the amount your family might have to pay. Speak with a professional Will writer to make sure all the details are correct.  

 Please get in touch if you would like to review your financial position as a self-employed person.