Many people have not understood the tax implications of drawing down their money, meaning that savers withdrawing pension cash are handing over millions of pounds in income tax.
Don’t forget income tax when drawing your pension
Pensions are changing. Old-style defined-benefits pensions are disappearing. State coffers are running dry. And the government is constantly fiddling with the pensions rules. A comfortable retirement is by no means guaranteed.
So now more than ever it’s vital that you build up a healthy pot of money that you can draw on to fund your retirement. At MoneyWeek, we can help you do that. Not only accumulating your pension pot throughout your working years, but also making sure it produces the income you need to enjoy your retirement.
Your 3 pension options in 3 minutes from QR on Vimeo.
Latest articles on pensions
Retirees tap their homes for cash
Although equity-release products are becoming increasingly popular, don’t forget the risks, says David Prosser.
Simplify shopping around for pension products
Pension products are complex and there is no easy way to compare deals. David Prosser reports.
Take advantage of pension tax breaks with a Sipp
Isas are a good choice for most types of saving, but your workplace pension and/or a self-invested personal pension can be a better option for your retirement.
Making the most of the seven ages of investment
Your financial needs change as you get older, so your investment strategy needs to evolve in response. Matthew Partridge explains the key principles for making and keeping wealth throughout your life.
Where to stash your retirement savings
If you’ve hit your pension allowance limits, you’ll need to find another home for your cash, says David Prosser.
Track down your lost pension savings
If you don’t seek out your old pensions, you could lose them to charities under new government plans, says David Prosser.
Getting help for victims of vulture pension advisors
If you want to complain about pension advice or how your scheme is run, don’t expect it to be an easy road.
The self-employed must save more for their retirement
Britain’s boom in self-employment threatens to leave millions of people short of money in retirement, says David Prosser. Too many are making little or no provision for later in life.
How to find a financial adviser you can trust
Getting the right help for your money problems can be as tricky as finding a good plumber. Sarah Moore explains how to find an IFA on a sensible budget.
Bring on a pension price war
Many people are paying too much for their personal pensions, says David Prosser. A probe of the market is not before time.