Planning for Retirement as an Independent Professional Contractor

In this blog, we are joined by Robert Whelan, Managing Director of Rockwell Financial Management. Throughout this piece, Robert will discuss the ins and outs of planning for your retirement as an Independent Professional Contractor.

Unlike traditional employees, independent contractors don’t have an employer making contributions to their pension on their behalf. However, this isn’t something that should put you off contracting. Contracting has plenty of other benefits and thankfully, there are a ton of retirement plans for independent contractors available.

Here are some things to consider when choosing a retirement plan:

Review your Goals and Understand your Priorities

First things first, figure out how much you want to save for retirement.

Why not use our pension calculator to help you? In just 4 steps, you will receive a clear insight into how much you will need for retirement and how much you need to contribute each month/year.

Does your plan seem feasible in your current financial situation? If you are unsure, reach out to one of our financial advisors who will help you find a plan that will work best for your lifestyle.

Set Yourself Up for Success

Managing finances, especially retirement, can be complicated but planning is important in establishing future financial security. Taking savings seriously and incorporating retirement savings into your budget is essential.

We recommend paying as much as you can afford on a consistent basis. If you pay peanuts into your pension, expect a 'peanuts' pension in retirement. Once you have decided on monthly pension payment, stick to it. You don’t want to miss out by not taking pension planning seriously. Try to not only look after your pension fund but try to polish up your overall finances.

Start ASAP

The sooner you start the better. Start paying into a private pension as soon as you can. Simply put, the sooner you start, the more you'll have in retirement. Putting off payments will only hurt you in the long run. Try being strict with your contributions. 

Don’t Miss Out on Tax Relief

Take advantage of the tax relief.  Don’t forget that by saving in a pension plan are also availing of the very generous tax relief available which can be as much as 51% of your contributions.

Stay Realistic

Don't have unrealistic ideas about when you can afford to retire. Life expectancy is constantly increasing. The number of Irish people aged 80 and over is expected to increase fivefold over the next 30 years. You should be prepared to continue working (maybe even consider part-time) until you get the state pension, which is now 68 for most of us.

Get Advice from the Experts

Pensions are complex, and quality advice at the right time can truly pay off. Rockwell Financial Management has been advising independent contractors for more than ten years. During that time, we’ve gained extensive experience in solving the financial planning problems of contractors.


Being an Independent Professional doesn’t mean you have to do it alone.

An accountant can make a considerable difference by guiding you and helping you tackle your daily financial tasks. Icon Accounting want to do more, by giving our clients access to vital retirement planning and pension building advice. Whether it is a pension, income protection, life cover or a mortgage query, the team at Rockwell Financial Management are available to give any client of Icon Accounting financial advice.

It is entirely complimentary and is part of your service as an Icon Accounting client.

To find out more, reach out to the team by contacting or by calling 01-8077106, where we will be more than happy to set up a call on your behalf.


Robert Whelan

Rockwell Financial Management

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