Now people live longer and longer, so how you plan to retire becomes more and more important.
This article introduces six ways to obtain the maximum income in the annuity project, so as to enjoy it after retirement.
- Pension can also be paid after retirement
When you stop working, you can still put money in your pension pot. In fact, you can provide money until you are 75 years old and get up to 45% tax relief. Many retirees are still doing part-time or consulting work. If you want, this income can be paid to your pension. * Note: The tax rules and the amount of tax reduction may vary depending on your personal circumstances.
- Job hopping does not require loss of pension
Many people think that changing jobs will lead to the loss of pension jobs. If you start a new job, you will ask if you want to join the pension plan. Because the company is consistent with the savings, you should always choose this option. Effectively give you more money. In order to manage the move business, you must combine your pension savings into one pot. For more information in this regard, you should consult with the financial adviser in case you lose any interest.
- Exemption from annuity inheritance tax
When you die, your pension can be transferred to the beneficiary. Generally, it is not required to pay inheritance tax except for inheritance.
If he dies before the age of 75, the beneficiary can withdraw what he wants from the annuity without paying taxes. In case of death after the age of 75, the beneficiary must pay tax on all withdrawals.
However, if you convert an annuity to an annuity, these rules may be different.
- Contribute anytime, anywhere
Another common myth about annuities is that money must be paid regularly. Now annuities are more flexible, and you can provide money at any time. But we should avoid paying the difference of national insurance.
- Start as soon as possible
With SIPP, you can start saving for your children who can save £ 3600 a year.
- You can postpone your annuity
The retirement pension is not mandatory. Instead, you can defer leaving your pension to your children or, in some cases, receive your pension in advance. Depending on your situation, you can receive your pension in advance or later. It is important to have adequate income in order to maintain the retirement period. Therefore, when and how to receive the pension is an important decision. You should thoroughly review your options and seek advice and guidance whenever possible.
