Martin Aitken & Co Ltd News & Developments

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Retirement spending surprises

Recent research has cast light on retirement spending habits. Do you expect your spending to reduce gradually once you retire?

It is often thought that as people pass through retirement their spending falls, assuming they do not have to pay for residential care. However, fresh research by the Institute for Fiscal Studies (IFS) using recent UK population data suggests this is not what happens. It appears that earlier investigations may have been mistaken in their approach.

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Protecting the normal minimum pension age

The normal minimum pension age (NMPA) will increase from 55 to 57 on 6th April 2028, although a protected pension age regime will be introduced.

This will allow those who meet the rules to take benefits based on their existing normal minimum pension age.

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Holding back the years: The new State Pension Age dilemma

The government has nearly finished its review of the next stage of State Pension Age increases. But changes to life expectancy figures pose a significant and potentially expensive dilemma.

A review of State Pension ages from the Department for Work and Pensions back in March 2017 stirred initial controversy. The report by John Cridland proposed that the move to a SPA of 68 should be phased in between 2037-2039. That was seven years earlier than had been legislated for in the Pensions Act 2007.

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Focus on tax year-end planning

With Christmas and New Year behind us, tax year-end planning should now be on your radar.

The 2021/22 tax year will end on Tuesday 5th April. This year there is no Spring Budget and Easter arrives on 15th April, so no obstacles stand in the way of year-end tax planning. Nevertheless, the sooner you start the better, as some decisions cannot be made quickly. Among the areas to consider on this occasion are:

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95 Hits

Placing a cost on retirement

How much income do you need for a comfortable retirement?

New research has put a post-pandemic price on the answer.

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159 Hits