Share:
“Financially, being self-employed can be very high-risk, and then when life happens and circumstances conspire, that can leave you in a very precarious position as you approach old age,” says Jon.
Jon, 62, has been self-employed for the 45 or so years of his working life. He originally trained as a carpenter and then expanded into general building work and running his own companies. Investing in properties and increasing their value became his nest egg for the future.
However, the breakdown of two long-term relationships, and losing a considerable sum of money to a family member who he was in business with, delivered a series of financial shocks, which Jon worked hard to recover from.
"I simply resolved to start my businesses all over again and build back my financial reserves. I was determined to build back what I had lost through hard graft. I’d never planned on retiring but [eventually] was doing well enough that I was hoping to reduce to working a three-day week but still be able to set-up and pay heavily into a private pension until I was 67.
“But then I began a completely unexpected journey with my health."
I’d always been fit and strong, and in my mid-50s I was active and adventurous, including riding my Harley Davidson bike. But in six months I went from good health to having chronic fatigue and losing dexterity in my hands. My hands weren’t doing what I told them to do, which is an impossible situation for a carpenter. I had to stop working as my body wasn't functioning, but I was undiagnosed for those six months."
“Eventually I was lucky to see a specialist who recognised my incredibly rare condition, which displays similar symptoms to people living with Motor Neurone Disease.
“After five years of treatment, I’m currently in remission, but I still need to pace my life very carefully. I’d say I’m now in a place of acceptance, but it has been a journey and there were periods where I felt sorry for myself. Now I try to see the positives.”
Being unable to work because of ill-health has had a drastic impact on Jon’s financial security and altered his previous way of life.
“All my life, I’ve always grafted my way out of difficult situations, but now I can no longer work and can’t get ahead. That’s where it’s toughest.
“Accruing credit card debt. Watching things you possess being stripped away...seeing my motorbikes being taken away. And losing your dignity at the same time.”
Suddenly being unable to work at 55 meant Jon needed to turn to the state for support.
“I’m totally in the hands of other people and a big part of your independence is gone," says Jon. “My partner works and we just about make ends meet, but some of our family live abroad and we have to rely on them to assist us financially to be able to see them. We’re existing rather than living, through no fault of our own.”
“Expect the unexpected. Anyone can end up in this situation and then with hindsight you think that you might have done things differently. I really feel that everyone should be forced to think about their future and older age sooner, and financial planning should be compulsory to help you build a buffer for when life happens. Contributing to a private pension, even if you are self-employed, should also be non-negotiable.
“You always think that things like this happen to other people. And then it happens to you and it’s hard. It’s been a real eye-opener. I’ve been unlucky with my health, but these sudden upheavals that throw you off course are far more common than you realise."
