Using your pension lump sum to pay off the buy-to-let mortgage could provide you with a significant reduction in monthly outgoings. However, it's essential to consider the implications of this decision on tax and your overall financial situation. The rental income may help supplement your retirement income, but you'll need to be aware of potential tax liabilities associated with receiving rental income while in retirement.
Post-retirement, keeping a buy-to-let property can offer financial stability through rental income, but it's crucial to understand the tax implications. Rental income is taxable, which means it could affect your overall tax bracket and pension allowances.
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