Building up pension savings can make the difference between scraping by on the state pension and living it up in retirement. Choosing when and how to withdraw the money can be more tricky, so it's also worth exploring your options for the future.
1 You can snap up free money
The big benefit of paying into a pension is that the Government adds free money on top. Every £1 you pay into a pension should get an extra 25p added in basic rate tax relief, for contributions up to 100% of your earnings, a maximum £40,000 a year. If you are a higher rate or additional rate taxpayer, you can claim back extra tax relief through your tax return.
2 Some of your pot is taxable
Denne historien er fra September 20, 2022-utgaven av WOMAN'S WEEKLY.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra September 20, 2022-utgaven av WOMAN'S WEEKLY.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
POTTED perfection
Get a floral fix with indoor-flowering plants
This Rough MAGIC
Did Abigail really have what it took to be an actress? She was about to find out
Slug and LETTUCE
Was Sharon's marriage worth saving? Oh yes it was!
BEAUTIFUL British Columbia
From city to mountains in no time, this Canadian province has it all
FUNNY business
Romance was in the air when Layla met a handsome stranger
PUDDING favourites
Comforting and delicious sweet treats
Second-time SENSATIONS
Give Christmas leftovers a fresh lease of life
The power of POSITIVE
Felicity Ashley was rowing across the Atlantic when she developed some worrying symptoms
I'm the world's biggest try hard!"
Country file presenter and TV Mr Nice Guy Matt Baker on hard graft and why, after 20 years of marriage, it still feels like they met yesterday!
Stay well, STAY WARM
Boost your wellbeing this winter with these healthy ways to beat the chill - without spending a fortune on the heating