The Hidden Costs of Retirement
Reflections on the Budget 2017: personal tax allowance and how it could affect your pension
Chancellor Phillip Hammond set out his new 2017 Budget for the UK yesterday, including an announcement that the personal tax allowance in the form of tax-free dividends will be reduced from £5,000 to £2,000 from April 2018.
Whilst many of those in retirement may not consider themselves investors, investing to receive an income through dividends can be a core part of a personal pension plan.
One of the most frequent questions our Wealth Planners are asked is: “How do I ensure I have an adequate Income in retirement?”, “How should I take my pension benefits?” and “How can I make my savings last?”. Very often the answer is a holistic approach that includes creating a well-structured financial plan and appropriately placed investments to meet that plan.
Understand and plan for the costs so you can retire comfortably
Whether you are approaching retirement or just beginning to think about life after work, creating a plan now could be one of the most valuable actions you take. To speak to one of our independent Wealth Planners for advise on how to plan for a comfortable retirement and discuss the variety of options available to you, please do contact us.