3 themes from the Savvy Retirement Event

Pensions

Julie Hutchison

11th July 2014 at 10:27am

Last week, I had a very enjoyable afternoon speaking at The Savvy Retirement Event hosted by the founder of the SavvyWoman website, Sarah Pennells. In my session I talked about the importance of income tax and inheritance tax when planning your retirement.

3 themes within my presentation seemed to spark particular interest amongst the audience:

1) The State Pension Statement. You can find out how much weekly State Pension you’re entitled to by completing a BR19 form. I plan to do this, and I’m still in my 30s – you don’t have to be approaching retirement to request this forecast. This Statement will help you to plan your savings, since you’ll have a better idea of what to expect from your State Pension.

2) Income tax bands. The greater pension flexibility predicted from April 2015 means you’ll have more control than ever before over how you take your money. Familiarising yourself with the different income tax bands will help you when it comes to deciding how much of your pension savings pot you wish to take out during any given tax year. Familiarising yourself with the different income tax bands will help you when it comes to deciding how much of your pension savings pot you wish to take out during any given tax year. My blog explains a little more about this.

3) Inheritance tax options. If inheritance tax is likely to affect you during retirement, you may want to look at the choices available when it comes to making gifts and using tax exemptions. Sarah has an interesting article on this topic on her SavvyWoman site.

To find out more about what all was covered at the event, the conversation thread on twitter can be found at #savvyretirement

The information in this blog and any comments should not be regarded as financial advice.

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