{"id":2336,"date":"2021-10-15T11:49:43","date_gmt":"2021-10-15T10:49:43","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/?p=2336"},"modified":"2021-10-18T11:52:57","modified_gmt":"2021-10-18T10:52:57","slug":"money-in-the-news","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2021\/10\/15\/money-in-the-news\/","title":{"rendered":"Money &#8211; In the news"},"content":{"rendered":"<div class=\"hd-block hd-block-paragraph\">\n<p><strong>A third enter retirement in debt<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Retirement.\nYou\u2019ve paid off your mortgage, said goodbye to your colleagues for the last\ntime and now it\u2019s finally time to put your feet up and enjoy some well-deserved\nrest, free of commitments. That\u2019s the ideal, anyway. Unfortunately, many\nretirees enter this stage of their lives with significant commitments hanging\nover their head, with research<sup>1<\/sup> finding that a third of people now\nretire in debt. Worse still, 2021 retirees owe around a fifth more than last\nyear\u2019s cohort \u2013 around \u00a320,650 on average. Forty percent have credit card debt,\n31% still have outstanding mortgage payments, 17% are in their overdraft, while\n8% have borrowed from family and friends.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>IHT bills up\nyear-on-year<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Data<sup>2<\/sup>\npublished by HMRC has revealed that estates paid \u00a35.4bn in Inheritance Tax\n(IHT) in the 2020-21 tax year \u2013 \u00a30.2bn (nearly 4%) up on 2019-20. Each year,\nover 20,000 estates are liable for IHT, but there are ways to keep your estate\nunder the nil-rate threshold or at least minimise your liability.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Triple lock\nchanges for 2022-23 <\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>After much\nspeculation, in September, Secretary of State for Work and Pensions, confirmed\nsuspension of the average earnings component of the pension triple lock, to\navoid a disproportionate rise of the State Pension following the pandemic. For\nthe 2022-23 tax year only, the new and basic State Pension will increase by the\nhigher of either 2.5% or the consumer rate of inflation.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>National\nInsurance and dividend tax rises <\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>A new health\nand social care tax will be introduced across the UK from April 2022. The tax\nwill initially begin as a 1.25 percentage point increase in National Insurance,\npaid by both workers and employers. From April 2023, it will become a separate\ntax on earned income, calculated in the same way as National Insurance and\nring-fenced as a health and social care levy. Tax on share dividends is also\nscheduled to increase by 1.25 percentage points. <\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><sup>1<\/sup>Key, 2021<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><sup>2<\/sup>HMRC, 2021<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong><em>The value\nof investments and income from them may go down. You may not get back the\noriginal amount invested. A pension is a long-term investment. The fund value\nmay fluctuate and can go down. Your eventual income may depend on the size of\nthe fund at retirement, future interest rates and tax legislation. Inheritance\nTax Planning is not regulated by the Financial Conduct Authority.<\/em><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>A third enter retirement in debt Retirement. You\u2019ve paid off your mortgage, said goodbye to your colleagues for the last time and now it\u2019s finally time to put your feet up and enjoy some well-deserved rest, free of commitments. That\u2019s the ideal, anyway. Unfortunately, many retirees enter this stage of their lives with significant commitments [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,89,38,88,90],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/2336"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=2336"}],"version-history":[{"count":2,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/2336\/revisions"}],"predecessor-version":[{"id":2339,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/2336\/revisions\/2339"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=2336"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=2336"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=2336"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=2336"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}