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Should you defer your State Pension? It could reduce your tax liability

There’s often a lot of talk about the State Pension Age rising and the impact it could have on retirement plans. But, in certain circumstances, delaying your State Pension payments could pay off.

The State Pension Age is currently 65, but is gradually increasing and will reach 67 by 2028. You can use the government’s State Pension Age checker to see when you’ll be able to claim the State Pension. Remember, the State Pension Age is under review, so it could rise if your retirement is still some way off.

Read more: Should you defer your State Pension? It could reduce your tax liability

How inflation can reduce your pension and what you can do about it

When you think of risks to your retirement, do you include inflation? It can have a huge impact on your income throughout retirement. Yet, it’s often overlooked when creating a retirement plan.

Inflation refers to the rising cost of living. Day-to-day, it’s not something that you notice. However, over a longer timeframe, such as your retirement, the price of goods and services creeping up has an impact. It can mean your income and assets don’t go as far.

Read more: How inflation can reduce your pension and what you can do about it

Why you should review your financial protection when taking out a mortgage

Financial protection is often something you’re prompted to think about when buying your first home. It’s an important step to take as you make a large financial commitment. However, it’s just as important to regularly review the level of protection you have. When taking out a new mortgage product, whether it’s your first mortgage, you’re moving home or simply remortgaging, it’s the ideal time to reconsider your financial protection.

Read more: Why you should review your financial protection when taking out a mortgage

43% of savers and investors don’t know where to find advice

We know that financial advice can change lives and help people achieve their goals. Yet, research from network Openwork found that more than two in five people don’t know how to access advice. This could mean they’re missing out on opportunities, taking too much risk, or worrying about their circumstances without support.

Read more: 43% of savers and investors don’t know where to find advice

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