The new year has started and for anyone planning to retire this year, whether they are reaching the official State Pension age, or leaving the workforce early, retirement expert Helen Morrissey has shared five key tips that are essential to ensure financial resilience in later life.
The head of retirement analysis at Hargreaves Lansdown warned an eye-watering £1.3 billion has been lost to unclaimed tax relief over the last five years.
On top of that, people not tracking down lost pensions after switching jobs throughout their career could cost them thousands of pounds in retirement income.
Ms Morrissey explained “avoiding pension pitfalls is key to making the most of your retirement planning”. She continued: “Claiming the tax relief you are entitled to sounds like it should be a given, yet £245 million a year remains in the UK Government’s coffers on average.
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