Episode Details

State pension recipients are nearly maxed out on their tax-free allowance—just $150 short of the threshold—meaning any extra income, like from a private pension, could trigger immediate taxes. The government plans to fix this by exempting state pension-only earners from income tax, though new laws are still pending. Meanwhile, experts warn that withdrawing large sums from private pensions can easily push you into higher tax brackets or even cost you your entire personal allowance, so careful planning is essential to avoid costly surprises.

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