A combination of frozen tax thresholds and rising inflation mean an increasing number of retirees need to consider tax. Read on to find out what you need to know about Income Tax in retirement and how you could manage your tax liability. According to the Independent, in 2023/24, 8.5 million over-65s are paying Income Tax – that’s around a 10% …
When you access your pension, you can often take a tax-free lump sum. While this may seem an attractive way to fund your early retirement plans, there are some essential things you need to consider first. You can usually access your pension from the age of 55, rising to 57 in 2028. You can typically withdraw up to 25% of …
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