Derradda Financial Services’ Post

By contributing your Christmas bonus to your pension, you can enjoy significant tax savings. Plus, your pension will grow tax-free and benefit from compound growth, potentially giving a substantial boost to your retirement savings over time. Invest smart, invest in your future today! #Pension #RetirementPlanning #RetirementSavings

#PensionAwarenessWeek!💡 A comfortable retirement takes considerate planning and in most cases, your pension is your main source of income when you retire. So why not boost your pension pot while you can? One of the best ways to grow your pension is by using your annual allowance, which includes contributions from you, your employer, and tax relief—and is currently capped at £60,000. If you haven’t used your full allowance in the last three tax years, you can carry it forward. Contributions over your available allowance will face an income tax charge. 👉️Read the full article here for more ways to grow your pension: https://lnkd.in/ebxuDR7x #UKSavingsWeek #RetirementPlanning

Social Security Benefit Increase for 2025! 🚨 A 2.5% cost-of-living adjustment (COLA) will boost Social Security benefits by $49 a month next year, increasing retirement payouts to $1,976 on average. Keep in mind, higher Medicare Part B premiums could offset part of this gain. Follow us and visit our website at www.wallace-tax.com for the latest tax and financial updates! #SocialSecurity #COLA #COLAincrease #retirement #tax #wallaceconsulting #NWI

Maximise your retirement savings by claiming tax relief on your pension contributions. Discover how in our latest article: https://buff.ly/3wMPu8O #TaxSavings #PensionContributions #TaxRelief

📢 Important Update on UK Pension Annual Allowance for 2024-2025 📢 Are you keeping up with the latest changes in UK pension regulations? Here's what you need to know for the tax year 2024-2025: 🔹 Annual Allowance: The Annual Allowance for pension contributions remains at £60,000. This is the maximum amount you can contribute to your pension each year without incurring a tax charge1. 🔹 Tax Relief: Contributions to your pension can benefit from tax relief! Here's how it works: 20% Contribution by Tax Department: If you're a basic rate taxpayer, your pension provider claims basic rate tax relief at 20% and adds it to your pension pot. Basic Rate Band Extension: Your basic rate band is extended by the gross amount of your pension contributions, potentially reducing your overall tax liability. Adjusted Net Income Reduction: Your adjusted net income is reduced by the gross amount of your pension contributions, which can further lower your tax bill. 💡 Why This Matters: Understanding these rules can help you maximize your pension contributions and take full advantage of the tax benefits available. It's always a good idea to consult with a financial advisor to ensure you're making the most of your pension savings. Stay informed and make smart financial decisions for a secure future! 🌟 #Pensions #TaxRelief #FinancialPlanning #UKPensions #2024-2025 #ukupdates #contribution #financialadvisor #financialconsultant #lowertaxbill #stayinformed

As a high-earning executive, maximise your pension contributions for significant tax relief. The 2023 Spring Budget increased options, making expert financial advice crucial. Focus on utilising allowances, understanding pension annual limits, and considering bonuses in cash or shares for optimal tax benefits. Visit here for more on this: https://bit.ly/3xdVVC8 #Pension #Retirement #TaxRelief #TaxBenefits

Top 3 reasons that you shouldn't make AVCs into your pension: 1. If you don't care about saving tax. You get tax relief at your marginal rate of tax on contributions into your pension (salary and age related limits apply) 2. If you don't care about having the flexibility to retire early. 3. If you don't care to make up for lost time after you took a break from the workplace. Personally, I know I would like the option of being able to retire early in the long-term and saving on tax in the short-term. #financialplanning #financialeducation #retirementplanning #AVCs #earlyretirement

There are still restrictions to be aware of, however. The tapered annual allowance will impact those earning more than £200,000. Plus, you may be liable for Capital Gains Tax on earnings from benefits such as shares. An adviser can help you navigate these complex rules. As a high-earning executive, it’s important to know your money is working as hard as possible when it comes to retirement planning. You’ll likely want to maximise pension contributions, which can bring considerable tax relief if you’re a top-rate taxpayer. But as you accrue a sizeable pension pot, it’s important to think about how to make the most of the various reliefs and allowances available to you. Read more via - https://lnkd.in/dmqkWqap #highearner #executive #annualallowance #earningmore #capitalgains #retirementplanning #pensioncontributions

A quick Public Service Announcement regarding a common mistake made by employer retirement plan participants (401k, 403b, 457). Using the “After-tax” option thinking it is the same as the “Roth” option. Here is the difference. The “After-tax” option enables you to save after-tax, meaning you pay taxes on the money before it is contributed, however, when it comes to taking your money out, you will receive what you contributed back tax-free, but you will owe income tax on the growth. The “Roth” option enables you to save after-tax, meaning you pay taxes on the money before it is contributed, when you take the money out, you receive what you contributed and all the earnings tax-free if you play by the rules. Big difference. Making this mistake can cost you quite a bit of money in unnecessary taxes if not caught early. Feel free to reach out if you have questions. info@ringsfinancial.com            (518) 576-8420

There are still restrictions to be aware of, however. The tapered annual allowance will impact those earning more than £200,000. Plus, you may be liable for Capital Gains Tax on earnings from benefits such as shares. An adviser can help you navigate these complex rules. As a high-earning executive, it’s important to know your money is working as hard as possible when it comes to retirement planning. You’ll likely want to maximise pension contributions, which can bring considerable tax relief if you’re a top-rate taxpayer. But as you accrue a sizeable pension pot, it’s important to think about how to make the most of the various reliefs and allowances available to you. Read more via - https://lnkd.in/eRFVZX-a #highearner #executive #annualallowance #earningmore #capitalgains #retirementplanning #pensioncontributions