Tax Rebates & Refunds

Retiring throws tax payments out of kilter somewhat

March 22, 2012
Posted in Tax Rebates — Written by Jennifer

When you retire it can come a lot sooner than you are expecting. There is a lot of planning to do and much of that applies to your finances. There is so much preparation involved in finishing full time work for good because you need to be absolutely certain that you will be able to get by afterwards and you need to budget very effectively so that you can meet all of your outgoings in as comfortable a manner as possible.

Saving up in the months before you retire is usually a good way of preparing in the sense that it may leave you with enough money to address certain things to do with the house or other matters that will become more pressing as you feel your retirement creeping closer. You may be able to bolster these savings with a tax refund if you are entitled to one.

Tax rebates can be generated for retirees if they have paid more tax than is appropriate because the figures are skewed by the sudden halt in earnings. No longer earning means no longer paying tax, but it can also throw previous tax payments for the year out of kilter in which case you can get a refund.

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