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At the time of writing this we continue to face challenging times. As we have emerged from the pandemic, we have entered a period of instability with the war in Ukraine and a cost of living crisis at home. If you have retired in recent years or you are approaching retirement, have you thought about the toll this has taken on your funds and what this means for your retirement?
There is no doubt that the pandemic and subsequent economic challenges that have followed have changed the way we think about our finances. Although things are by and large back to normal, there will always be some employers struggling with either their own or the latest economic uncertainties, which at the moment includes higher inflation.
Most of us understand the benefits of investing tax efficiently. Using the tax allowances, such as ISAs, provided by the government each year means we can avoid paying unnecessary tax. However, many of us are missing out on the valuable tax savings available through our pensions.