The support you get may depend on various factors such as benefits you receive, your age, your income, savings, who you live with and so forth
You may even get your Council Tax paid in full if you get the Guarantee Credit part of Pension Credit. If you don't get Guarantee Credit but have a low income and less than £16,000 in savings, you can still get support
Make sure you stop making National Insurance contributions if you carry on working beyond state retirement age (currently 63 for women and 65 for men).
Making donations to charity through Gift Aid can reduce your taxable income.
If you are in a higher tax bracket, you can claim back the difference between the basic and higher rate of income tax on any Gift Aid donations.
Lifetime gifts are not normally counted as part of your estate for inheritance tax purposes if you live for a further seven years after making them. Known as potentially exempt transfers (PETs) they can reduce your residual estate significantly. You can also consider taking an endowment policy, which should be structured with care.
Last updated:
May 2016
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Updated By:
MGT Research Team
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