Remember, if you’re working for yourself, you are the only one contributing to your retirement savings, so it’s important to set up a regular contributions schedule, just like your employer would. And you may be able to claim any additional contributions you make as a tax deduction.
“For many self-employed people, their business is their retirement plan - they plan to sell the business one day to fund retirement and, in the meantime, ignore their super,” says Mark Smith, Business Financial Planner, AIA Financial Wellbeing.
“Super is your money too, so make sure it’s invested appropriately,” says Smith. “At the very least it will help act as a back-up if your other plans don’t work out, or it will be icing on the cake at retirement.”