Retirement
“ The state pension age is drifting up . Saving for retirement is getting harder , and money from your employer is free . Turning it down should be a last resort ”
Tom McPhail Director of public affairs at the lang cat
savers may also be able to claim more tax relief through Self Assessment if they ’ re higher or additional rate taxpayers .” Those tax credits also compound over time . She says it also helps to view saving into your pension as a “ marathon , not a sprint ”, adding that contributing a little less for a couple of months won ’ t do significant harm as long as you pay in more when pressures ease .
There is some good news : bond yields have spiked in the past few months , and these determine the level at which annuities are offered . This means investors can buy more income with their savings . However , it is unlikely to compensate for the ravages of inflation . This is a precarious moment , and there are no easy solutions .
Issue 84 - May 2022 / 15 /