3 Financial Myths we have recently busted...
In some of our recent Seminars we have presented to an array of companies and social groups and there have been a number of queries that have come up time and time again, so we are pleased to bust some myths that people seem to have.
Myth 1 - ISAs are totally Tax Free
Actually they aren't and the biggest myth is that they are free from Inheritance Tax. The actual fact is that they are subject to Inheritance Tax, so make sure you take advice on the best way to use your ISAs.
Myth 2 - My partner will inherit everything tax free when I die.
This is only the case if you are married or in a civil partnership AND you have a valid Will. If you are not married or in a civil partnership there may be Inheritance Tax to pay depending on the value of your estate and if you do not have a Will, the Laws of Intestacy will be upheld meaning your money may not go to where you want it to.
Myth 3 - I can only retire when I am the age of 65
Actually you can retire at any age you choose, however, you will only be able to access your pension from the earliest age of 55 (maybe later depending on your specific pension rules) and you will not be able to get the state pension until at least the age of 65 and maybe later depending on when you were born.
As with anything financial, make sure you take advice to fully understand your tax position, what your money is doing and to ensure you are taking advantage of your annual allowances.