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Six months have passed since the pension reforms took effect and more than 200,000 people have released money from their pension, some of whom have even cashed in their entire fund.

Middle-class savers in their who are contributing to pensions should be wary of shock tax charges in retirement, experts warn

After the announcement of the new pension rules, which took effect in April, former pensions minister Steve Webb explained that the new freedoms and flexibility would allow people to cash in their entire funds, and even blow the lot on a Lamborghini if they wanted to. This controversial statement caused a stir and it was anticipated that around one in eight people would take advantage of the new rules and splash their cash.

After the announcement of the new pension rules, which took effect in April, former pensions minister Steve Webb explained that the new freedoms and flexibility would allow people to cash in their entire funds, and even blow the lot on a Lamborghini if they wanted to. This controversial statement caused a stir and it was anticipated that around one in eight people would take advantage of the new rules and splash their cash.

When did you last look at the interest rate of your savings account?  Putting money into a separate account to avoid spending it can be a great way to save for something specific – an emergency fund or Christmas shopping, perhaps.  If you want your money to work for you, though, then you need to shop for the best interest rates.  #London #Cocktails #PersonalFinance #Saving

When did you last look at the interest rate of your savings account? Putting money into a separate account to avoid spending it can be a great way to save for something specific – an emergency fund or Christmas shopping, perhaps. If you want your money to work for you, though, then you need to shop for the best interest rates. #London #Cocktails #PersonalFinance #Saving

Pension release is the removal of money from a pension before retirement. The law allows up to 25% of a pension to be removed tax free when you are over 55; accessing a pension before 55 is not allowed except in extreme circumstances and with permission from HMRC. #pensionrelease

3 Ways to Withdraw From Your IRA Before Retirement -- Penalty-Free!

Pension scams can wipe out your life savings, so it’s important to stay safe. Here are some tips to help you avoid becoming a victim:

Pension scams can wipe out your life savings, so it’s important to stay safe. Here are some tips to help you avoid becoming a victim:

Dave Ramsey's Quick Start Budget (Link goes straight to .PDF file)

Financial Peace University- a christ like way of looking at budgeting- Housewife 2 Hostess : Budgeting 101 - The Dave Ramsey Way Save Money, Saving Money, Budgeting

How to Trick Yourself into Saving Money - Easy ways to save money that add up.

How to Trick Yourself into Saving Money - Easy ways to save money that add up. saving money, ways to save money

It’s true to say that a pension is a traditional way to receive an income when you retire, by either removing money directly from the fund or selling it for an income for life. However, in reality it is a savings account that offers tax relief in exchange for restrictions when you can access it – usually from the age of 55. #Pensions #Over55 #Retirement

It’s true to say that a pension is a traditional way to receive an income when you retire, by either removing money directly from the fund or selling it for an income for life. However, in reality it is a savings account that offers tax relief in exchange for restrictions when you can access it – usually from the age of 55. #Pensions #Over55 #Retirement

Monthly Budget

I can't wait to start this in July. This is by far the best FREE budgeting printables I've come across. Budgeting Tips + Free Budgeting Worksheet

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