The main thing people want from their pension a good income when they are no longer working. For employees or the self-employed the day when we financially no longer need to work may be further away than ever before.
When you do retire you are able to take a maximum of a quitter of the fund as tax free cash the rest has to be taken in the form of an income. This is not tax free and is taxed as unearned income. If your pension is a low amount then it will be tax free if your income is below the tax threshold.
Retirement plans set up by employers especially blue chip companies or the government are generally the best especially if they come with guarantees.
For the most part though, employees and all the self-employed, have no option but to pay into a private pension. This comes with no guarantees and offers a less certain future. That is why we need pension forecast.
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