The main advantage of a pension ispension tax relief. This effectively means that the government repays the tax you pay on your earnings and puts it into your pension. As a result, it costs a basic-rate taxpayer only £80 to invest £100 into their pension, while a higher-rate taxpa...
But because you only receive that income for a set period, you’re free to look at other options when they end. That can make them a very useful bridge, tiding you over until another source of income (like your State Pension) kicks in. Depending on the options you choose, you can als...
Making a valid claim on life insurance is more straightforward than you may think. Find out how life insurance pay-outs work with our guide.
The amount of original capital you’re fine to dip into every year Your current tax rate What’s the Magic SWAN “Never Have to Work Again” WealthNumber? This is an actual picture of my wife taken while on vacation. Of course, there are several assumptions. My estimate is only an appr...
For many people, having tax-free cash is a great way of kicking off retirement in style (Dreamstime) follow us on social Adrian Boulding Many more people today find it difficult to answer the apparently straightforward question: “What do you want from your retirement?” In “the old...
(Add up your retirement income as two individuals first. Then combine your numbers as a grand total at the end. We do this because you’ll adjust for tax as individuals in step seven.) YourState Pension forecastreveals how much money you can expect to come your way courtesy of UK PLC....
See a good independent financial adviser.When you want to draw your pension, normally you have to buy an annuity.But if you want to take some income from your pension, you can take it via a drawdown facility, deferring buying the annuity until later.If your health is poor you should ...
If you haven’t checked in on Climate Courage, do have a listen to Elizabeth Ward-Sing, as she shares her passion for the ocean and sharks, and we went really wide in this conversation, because it’s all linked! Leader’s Declaration on Food System a milestone momen...
you can take that tax-free 25% as a lump sum up front, and access the rest of your money gradually (taxed as income, of course) via an annuity or through flexi-access drawdown. “Indeed, many individuals take their pension commencement lump sum and decide not to take any income initiall...
That’s because there’s no point oversaving into our ISAs, either. That would see you delayfinancial independenceby paying tax that would have instead been clawed back through pension tax relief and added to your growing nest egg. The ISA/pension balancing act ...