Radcliffe Blog

🧐 Financial Focus – Summer 2024 β˜€

By July 3, 2024 No Comments

How well can you retire? πŸ’·

πŸ“’ With the general election unexpectedly called for early summer, among the many issues vying for voters’ attention were taxation and pensions.

πŸ” Both major parties committed to the pension triple lock, although as our feature for this edition shows, at its current level the State pension is hardly enough to fund a minimum retirement level if two people in a couple living outside London qualify for the maximum state pension; we explore what those living standards really mean.

βœ‚ If you have gaps in your NICs record that may leave you below the full entitlement at retirement; use the new Check Your State Pension tool to find out if you can top up your fund. Even following recent NIC cuts, the cumulative effect of year-on-year allowances and tax threshold freezes could right now be adding to your tax bill. Those not already under the self-assessment regime may not realise that they owe more money. Check your income, as it is your responsibility to report, and pay, your tax to HMRC.

πŸ‘‡ Full guide below πŸ‘‡

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