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State Pension Tax Trap in Retirement | Sheffield News
Description
Your State Pension is taxable, but the government cleverly adjusts your tax code to cover it — until 2028, when frozen allowances can’t keep up with rising pensions. Thanks to the triple lock, your pension grows faster than your tax-free allowance, trapping more retirees in the tax net. Combine that with private pension withdrawals or other income, and you could owe more tax — even if you’re retired. It’s a system that’s leaving many retirees anxious about their finances.
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