The boring stuff: Pensions and retirement
We’re getting all the exciting, sexy subjects covered in this series! We’re moving on to maybe the scariest subject of them all, pensions. At the time of writing I am in my mid-20s, so retirement is quite a way into the future for me. However, I look at saving for my future as a form of self-care. Sacrificing some extra money today to give myself the knowledge and comfort that I will be able to support myself into retirement. Group fitness instructing and personal training are both really physically demanding careers and you are going to be unable to maintain the same physical exertion at 50 as you were at 24.
Case study: I have an instructor friend who used to work full time in the industry until about 2 years ago. She turned 50 and realised she had barely any pension pot saved up and hadn’t paid enough national insurance over the last 30 years to qualify for the full state pension that she was due to receive in 15 years time. She left the fitness industry and got a 9-5 admin job that meant she had to pay national insurance, tax and pay into a pension. She enjoys the work a hell of a lot less, but her poor planning in her earlier years have meant that it’s a sacrifice she has to make.