Pension alert: Britons urged to take advantage of seven savings 'tricks' to boost retirement - full list

Here is a full list of the seven "tricks" people can use to ensure they keep more of their pension in retirement, according to The Stock Dork:

• Maximising pension contributions before retirement
• Utilising the personal savings allowance
• Taking advantage of the dividend allowance
• Consider ISAs for tax-free income
• Planning withdrawals strategically
• Using the capital gains tax allowance
• Consider inheritance tax planning.

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Pension contributions

Retirement savings contributions are tax-deductible with the Government adding relief at the highest rate of income tax.

If someone is working part-time or consulting, experts suggest they keep contributing up to your annual allowance which is currently set at £60,000, depending on earnings.

Personal savings allowance

Thanks to this allowance, basic rate taxpayers can earn up to £1,000 in savings interest tax-free. Higher rate taxpayers are able to earn up to £500 tax-free.

Through the personal savings allowance, future retirees will be able to ensure a part of heir income is not taxed.

Dividend allowance

When someone has dividend-paying stocks, it is vital that the yearly dividend allowance is used to the fullest

For this tax year, the initial £1,000 of dividend income is tax-free which can be a useful source of retirement income for years to come.

ISAs

These are savings accounts which allow people to put money away without worrying about having to pay tax, as long as it does not cross over a certain amount.

Britons invest up to £20,000 each year in ISAs, and all interest, dividends, and capital gains within an ISA are tax-free.

Pension savings withdrawals

If anyone is planning to take money out of their pension pot early, experts recommend making withdrawals within the basic rate tax band to help minimise tax liability.

Furthermore, it is also suggested that people take advantage of the 25 per cent tax-free lump sum option which means it is possible to access a portion of their pension with losing money to HM Revenue and Customs (HMRC).

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Capital gains tax allowance

Anyone in the process of, or planning to, sell assets should make sure they use the full CGT allowance which is £6,000 for the coming tax year. It is possible to save as much tax as possible by spreading the sale of assets over multiple years or transferring assets to a spouse or partner.

Inheritance tax planning

Utilising allowances, gifts and trusts could significantly reduce someone's IHT liability which in turn could boost their pension income. As it stands, the current nil-rate band is £325,000, with an additional residence nil-rate band of £175,000.

Adam Garcia, a finance expert at The Stock Dork, urged Britons to take advantage of these hacks to boost pension savings as soon as possible.

He explained: "Retirement should be a time of relaxation and enjoyment, not financial stress. By implementing these expert-recommended tax strategies, you can make the most of your pension and savings, ensuring you have more money to enjoy your golden years. Start planning today to keep more of your hard-earned money where it belongs—in your pocket."