Half a million workers past pension age could be paying unnecessary tax
A significant number of people working past the state pension age could be paying unnecessary tax on their state pension, according to new research. This is because they failed to take up the option of deferring their state pension until they stopped work. As a result, their entire state pension is being taxed, in some cases at 40%.
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One of the most important stages in life which everybody has to save for is retirement. We work hard to enjoy our current lifestyle but are we doing enough to ensure that we can continue to enjoy it in our retirement? Many of us live for today, but saving into a private pension plan can help us retire sooner rather than later.
It’s important to be able to keep your finances healthy as you recover from an illness or injury. Being unable to work can quickly turn your world upside down. No one likes to think that something bad will happen to them, but if you couldn’t work due to a serious illness, how would you manage financially? Could you survive on savings or sick pay from work? If not, you may need some other way to keep paying the bills – and you might want to consider income protection insurance.