The High Income Child Benefit Charge is draining your retirement—here’s the ruthless hack to keep the cash and retire wealthier than ever.
The High Income Child Benefit Charge
Parents are paid Child Benefit at two different rates:
- £26.05 a week for the eldest or only child
- £17.25 a week for every additional child
For instance, a two-child family receives:
(£26.05 + £17.25) x 52 = £2,251.60 a year
…provided neither household partner’s income is above £60,000 a year.
Above £60,000, the benefit is progressively withdrawn via the HICBC as I outlined earlier.
Note: many people think a combined household income of over £60,000 triggers the tapering.
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