Royal London Analysers has found that pensioners paid out £24bn a year in tax in the year 2015 to 2016, with pensioners living in England paying £21bn of this.
Their director of policy commented "Many people might assume that once you retire you cease to be of interest to the taxman. But these figures show that this is very far from being the truth. When planning for retirement it is vital to remember that the tax office will still want a slice of your income, which reinforces the need to put aside enough to secure a decent standard of living."
The number of taxpaying pensioners has nearly doubled in the last two decades. If you’re not paying into a pension and haven’t planned funding for the future, please speak to us and we’ll gladly put you in touch with a financial advisor or our business development manager to review how to plan for your future.