Second issue of How to Retire in Style hits the shops
Following the introduction of the new pensions rules this month, a second issue of How to Retire in Style is now available to buy.
Produced by the team behind Moneywise, How to Retire in Style aims to help people confused by the new rules, which allow retirees to do what they want with their retirement savings.
Since the changes were announced in the 2014 Budget, thousands of people have put their plans to retire on hold to ensure they can take advantage of the relaxed rules.
According to research from LV=, nine in 10 over-55s are aware of the changes but more than half (55%) are not sure how they will turn their pension into an income.
How To Retire In Style aims to clarify the implications of the pensions changes announced in the Budget, and explains the different options available so that retirees can make the right choices to give them the retirement they deserve.
The magazine cuts through the hype, explaining all the options in plain English and examining the pros and cons of each. How to Retire in Style is also packed with lifestyle features to help ensure older people can budget effectively, holiday for less, and even cut their inheritance tax bill.
Rachel Lacey, editor of How To Retire In Style, said: "The new rules are fantastic but they are not a golden bullet. Savers will still have a finite pot of money that needs to last their entire retirement. There are now so many options it’s no wonder people are confused.
"What works for you will depend on your age, your state of health, your lifestyle, your attitude to risk and of course the size of your pension. With this magazine we explain the facts in black and white and point out the factors you’ll need to consider to help you make the right choice for your retirement."
The magazine is on sale in leading newsagents from 9 April 2015, priced at £4.99. It can also be ordered online here for £6 including postage and packing.
The tax levied on the total value of your estate after you die. IHT has to be paid by the beneficiaries of your estate before they can receive any of the money from it. The money can’t be taken from the value of the estate _– it has to be paid before any money can be released. There is an IHT threshold – known as the “nil-rate band” – below which no tax is levied (£325,000 in 2011/12). Any amount above the nil-rate band is subject to tax at 40%. If your estate totals £600,000, there is no tax on the first £325,000; however your estate will pay 40% tax on the remaining £275,000, a total of £110,000. Prudent tax planning can reduce your IHT liability, so always consult a specialist solicitor.