Article preview: When you enter retirement, tax should be the least of your financial worries. The move from earning money from paid employment or self-employment is usually associated with a corresponding fall in income levels, and therefore less tax to pay. It helps too that you stop paying National Insurance contributions when you reach State Pension age, reducing the overall tax burden. Despite what should be halcyon years from a tax perspective, new research has found that retired households are shouldering a hefty income tax burden.
Retirement tax burden grows
This 491-word blog post looks at new research which found retired households pay an average tax rate of 31.8%, despite having significantly lower incomes than working-age households, who suffer a tax rate of 34.8% on average. Written on 28th May 2019.
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