Good Income – How I managed to get out of IT contracting with one

Good Income from contracting

Good Income

This article, on getting a good income from contracting, was posted as Comments after one of our articles.

Pension Saving

I closed my company in 2001 (age 59) because I took my pension from Equitable life just before they reduced the annuity. (I was a GAR at over 10%.

So, I now have an income of about £35k which is plenty. I always paid NI on a salary which was reasonable (So I get over £200 a week OAP).

Ten Golden Rules of IT Contracting
Ten Golden Rules of IT Contracting – for a successful contracting career

At the time I was still able to get Cash out of the company for my retirement. Don’t think you can now.

I did a couple more contracts using an umbrella company.

Pensions Advice

Here is my advice:

– Save some money in an investment ISA. Spread your investments across different classes and countries. Move them if not performing well.
– Get a SIPP, and do the same thing.
– Read all about pensions.
– You won’t need as much money as you earned while working (assuming it was £50 – 100k) You should have paid off your mortgage.
– The stock markets – you have to select the right shares /funds/countries.
– Finally It might be a good idea to get some gold and silver, because some people expect a huge crash soon!

IT Contractor Comment

This is good advice and well worth taking.

This is from a contractor who managed to get out of it with a big pile of cash and investments.

Successful IT Contractor
Becoming a Successful IT Contractor

It’s always nice to see freelancers who manage to make their money and get out.

There are so many contractors who thought that with their new found wealth they would be retiring in just a few years.

Many years later they are still contracting.

It’s easier said than done.

If you can get a good income when you retire from contracting, that’s great.

If you know anyone else who would find this article useful, please share it with them using the social media buttons at the top and bottom of the page.

Ad – Contractor Services

If you do need an umbrella company you could try one of the following:-

Simply Umbrella

Public Sector Umbrella Company

Or would you prefer to get expert advice about which umbrella company is right for your specific needs? If so fill in the form below and they will be in touch.

For Mortgages specially designed for contractors try Specialist Contractor Mortgages.

    Your Name (required)

    Your Email (required)

    Your Telephone (required)

    Your Daily Rate (required)

    Please Fill in Answer to Simple Quiz Question




    Please enter your comment!
    Please enter your name here

    This site uses Akismet to reduce spam. Learn how your comment data is processed.