Most over-45s are not making plans to match their hopes for the future, according to research from Standard Life. The vast majority (86%) of those aged 45 or over are already dreaming about escaping their working life for retirement, but only 8% of the same age group have recently checked the retirement date on their pension plans to make sure it is still in line with their plans.
Many individuals find the Inheritance Tax rules too complicated
If you struggle to navigate the UK’s Inheritance Tax regime, you are not alone. Whether you are setting up your estate planning or sorting out the estate of a departed family member, the system can be hard to follow. Getting your planning wrong could also mean your family is faced with an unexpectedly high Inheritance Tax bill.
It’s important to consider the tax implications of making financial decisions. The 2018/19 tax year is now upon us, and a raft of new changes have come into force. The good news is that the overall tax burden is little changed for basic-rate taxpayers, but there are number of areas that have changed that should be taken note of.
The first increase in minimum automatic enrolment (AE) workplace pension contributions came into effect on 6 April. According to research from Scottish Widows, however, one in five Britons (20%) – amounting to more than ten million people – say they’ll work until they’re physically unable to, while one in 20 (6%) – another three million people – say they expect to work until they die.