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20th August 2019
Below are 4 of the worst habits you can have in retirement. These habits can incur a larger inheritance tax bill, cause unnecessary stress and even make you lose a large chunk of your retirement income.
1) Not looking at ways to reduce inheritance tax
Inheritance tax can be very costly to your loved ones if you don’t look at ways to reduce it. There are plenty of strategies to help protect your estate from inheritance tax. These include making gifts to family members, leaving your assets to your spouse, creating a will, among other strategies can help reduce this tax liability.
To see how you can reduce your inheritance tax bill read our tips here.
2) Failing to create a plan
With many retirees having a lot of different avenues of income to draw from in their retirement, it is vital for you to have a plan of action. Making sure you are utilising your savings and pensions to the best of your ability could prevent you from unnecessary worry in later years. Get in contact with one of our financial advisers to help you set out a plan that will allow you to worry less on your income and more on enjoying your retirement.
3) Not looking out for discounts
There are a load of shops and services that offer cheaper prices for people over a certain age. This could be lower prices at restaurants, hairdressers, cinema tickets, discounted train tickets, and much more. Always look out for these discounts, or even ask to see if they do provide discounts for retirees.
4) Buying into scams
Once you retire, there can come a time when someone randomly calls you out of the blue, offering an investment opportunity with guaranteed huge returns and will try to get you to act quickly and invest right away. Chances are this is a scam. The issue is that these people can seem very genuine and have your best interest at heart. As such, these scammers use a variety of tactics to try and persuade you to give over your hard-earned money. Read our 4 tips to protect yourself against pension scammers. Also, take a look at the Pensions Regulator guides.
If you need some help with budgeting and savings, get in touch with us on 01609 760960. Or arrange a call back and one of our advisers will be happy to help.
Reference – BL076 – Aug – 2019
