Recent figures show that the amount of taxpaying pensioners has nearly doubled over the last two decades. The term ‘Generation still taxed’ refers to the taxpayers over the age of 65, of these the average annual tax bill is £3,522. It is important to remember that even in retirement, the tax office will still want a slice of your income. Planning effectively by saving enough to support a comfortable retirement even after tax payments could help you to gain financial peace of mind. Seeking professional financial advice could help you to plan effectively for your retirement.
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