FixMyPension.com’s Post

Read this article to find out whether you may be missing Home Responsibilities Protection which could increase your state pension. Read More: https://buff.ly/3APVcsu #HRP #PensionPlan #RetirementPlanning #FinancialSecurity #UKPensions #NIContributions #GovernmentSupport

Read this article to find out whether you may be missing Home Responsibilities Protection which could increase your state pension. Read More: https://buff.ly/3APVcsu #HRP #PensionPlan #RetirementPlanning #FinancialSecurity #UKPensions #NIContributions #GovernmentSupport

#PensionPlanning #ProtectedPensionAge #RetirementTips Hey everyone! Have you ever thought about tr... Will Transferring Your Pension Cost You Your Protected Pension Age? Answers: https://lnkd.in/g4yPRzwB

What is the new State pension calculator ? From the 6th of April, you can check your forecast on the gov.uk website. Make sure, as self employed owners, you are not caught short. #StatePension #PensionCalculator #GovUKWebsite #RetirementPlanning #FinancialSecurity #SelfEmployed #FutureForecast #PensionPlan #April6th #RetirementGoals #SecureFuture #FinancialPlanning #PersonalFinance #PensionOptions #RetirementIncome #PensionAdvice

All too often people make these common mistakes when it comes time to access their pensions. Here are some of those mistakes so that you can avoid falling down the same holes: 💸 Not considering the tax implications - Taking a large lump sum out of your pension can leave you with a hefty tax bill and future allowance restrictions. Consider a pension drawdown. 🚑 Not factoring in care costs - Whilst we all like to think we will stay healthy most of our lives, old age can commonly come with numerous health issues. You will want to factor in costs such a private medical care or care-home facilities. 💰 Taking too much too soon - Unexpected financial hardships may require you to withdraw from your pension early but this should only be done as a last resort. Taking withdrawals even just a few years early can have drastic effects on your retirement plan. #IFGLPensions #avoidingpensionmistakes #retirementplanning #pensionservices

April 2024 marked a rise in state pension rates across the UK. Here's a quick guide from the Pension Justice team, outlining what this could mean for you... 🔹 On Monday 8th April 2024, the state pension increased by 8.5% in line with inflation. 🔹 This means that the new, flat-rate state pension has increased from £203.85 to £221.20 a week – or £11,500 a year. 🔹 The new rate only applies to those who reached pension age after 2016. Those who were on a pension before 2016 are on the older basic rate - though they can apply for pension credit which has increased too. 🔹 The pension age for those born after April 1960 has now increased to 67. All information comes directly from The Guardian's article. Read the full article here: https://lnkd.in/eQXbsgat #pensions #pensionjustice

There are still restrictions to be aware of, however. The tapered annual allowance will impact those earning more than £200,000. Plus, you may be liable for Capital Gains Tax on earnings from benefits such as shares. An adviser can help you navigate these complex rules. As a high-earning executive, it’s important to know your money is working as hard as possible when it comes to retirement planning. You’ll likely want to maximise pension contributions, which can bring considerable tax relief if you’re a top-rate taxpayer. But as you accrue a sizeable pension pot, it’s important to think about how to make the most of the various reliefs and allowances available to you. Read more via - https://lnkd.in/dmqkWqap #highearner #executive #annualallowance #earningmore #capitalgains #retirementplanning #pensioncontributions

Did you know that it is conceivable to get your state pension in a lump sum instead of collecting it weekly? In this blog we cover everything you need to know. #retirementplan #autoenrolment #personalpensions https://lnkd.in/e-wa2jmH

Watch your pensions this autumn... changes may be coming. The Autumn 2024 Budget could potentially revamp pension tax relief, and there's a lot of speculation that a flat rate of pension relief might be introduced. Currently, higher earners benefit the most from the existing relief system, but a flat rate—potentially around 30%—would mean lower earners could see a boost, while higher earners may face more restrictions. For those relying on pensions to build their retirement wealth, this could be a major shift. It's also important to consider how this could impact wider strategies, like salary sacrifice. #Budget #Finance #RetirementPlanning Photo: Population Pyramid

It is always preferential to start saving towards a pension early in your career. However there is still hope for those starting pension plans later in life. Read more #pensionadvice #SIPP #personalpensions https://lnkd.in/eYF6T_qp