In our weekly series, readers can email in with any questions about retirement and pension savings to be answered by our expert, Rachel Vahey, head of public policy at investment platform AJ Bell. There is nothing she does not know about pensions. If you have a question for her, email us at money@theipaper.com.
Question: I am 58 years old, and want to retire in the next two to three years. I have a pension with my employer, and a SIPP with a financial services company.
Even though we may be soon getting peace in Iran, I’m worried about the longer-term effects of this war, and especially about my retirement savings taking a hit. Should I just move my pension money into cash to keep it safe?
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By November, UK food prices will be 50 per cent higher than they were at the start of the cost-of-living crisis
With that in mind, food editor Sophie Morris shares how she saves money on her weekly shop
Easy ways to save on the weekly shop
Caption: NORTHWICH, ENGLAND – JULY 06: Whole chicken sit on display in a Tesco supermarket on July 06, 2022 in Northwich, England. The British Retail Consortium recently said food manufacturers and supermarkets are having to pass on some of the cost of soaring raw materials to consumers, leading to the price of basic goods throughout the UK rising at the fastest pace since September 2008. Fresh food prices increased by 6% in the year to June 2022 coupled with an increase in inflation, and fuel and energy prices to create a cost of living crisis. This is leading to millions of low-income households going without essentials items, falling behind on bills and taking on debt. (Photo by Christopher Furlong/Getty Images)
Photographer: Christopher Furlong
Provider: Getty Images
Source: Getty Images Europe
Avoid chicken breast
Boneless chicken thighs are all meat and a much tastier product.
Don’t plan everything
If you plan every meal all week, there’s no leeway for necessary last-minute changes of plan (or leftovers).
Man Cooking By Woman Chopping Carrots In Kitchen – stock photo. (Photo: Getty)
Governments are not all powerful when it comes to huge international forces like those increasing global food prices (Photo: Oscar Wong/Getty Images/Moment RF)
Shop alone
There are so many products that children want to fill the trolley with – all kinds of exciting eye candy. It’s cheaper to go alone.
Easy ways to save on the weekly shop
Consider a vegetable box delivery
Having a Riverford box delivery helps Morris avoid impulse buys and go to the shops
less – even though the box is pricey. “It is expensive, but of great quality and organic”.
Milk and potatoes prices are expected to increases sharply later this year, say supply chain experts (Photo: Kate Wieser/Getty)
Low carb, FODMAP diet food background with vegetables, fruits, smoked salmon, chicken fillet, greens, nuts, olives. Menu for healthy eating . – stock photo. (Photo: Getty)
Track your spending
It doesn’t need to be an elaborate spreadsheet but without some kind of metric, it’s impossible to spot where you
can or must make cutbacks.
Easy ways to save on the weekly shop
The supermarket loyalty schemes vary in their generosity (Photo: Paul Childs/Reuters)
Look for yellow stickers
You can save plenty
over a year by never buying branded products at full price.
Take stock
Do a quick cupboard stocktake. You might find you already have three jars of one thing.
Mid-Adult Couple Calculating Their Finances On The Laptop In The Kitchen – stock photo. (Photo: Getty)
“Soft restrictions” aren’t infallible; we can always make the effort to get a ladder and get the biscuit tin down from the highest shelf (Photo: Getty)
Avoid packaged snacks
Packing fruit, biscuits, and nuts etc into a Tupperware to take out is more cost effective than buying tiny packaged portions.
Easy ways to save on the weekly shop
Be wary of DIY treats
“Faking” a takeaway at home can sound like a cheaper option, but if it’s something you don’t usually cook – that needs new ingredients – it could work out pricier.
Whatever you buy, buy British if you can. That will help boost fishermen’s finances (Photo: Betty Laura Zapata/Getty)
Caption: A customer looks at packages of chilled chicken cuts in a part-empty refrigerated display unit at a Lidl supermarket store in Walthamstow, west London, on September 21, 2021. (Photo by Tolga Akmen / AFP) (Photo by TOLGA AKMEN/AFP via Getty Images)
Photographer: TOLGA AKMEN
Provider: AFP via Getty Images
Source: AFP
Copyright: AFP or licensors
Do you need it now?
Returning a few things to the shelves that you won’t need in the near future can save you a healthy amount.
Skip a shop
Every time you make do with what’s at home,
you save big.
Supermarkets will find ways of holding down the price of the basics, and try to make their money on the fancy lines (Photo: Roy James Shakespeare/Getty)
Easy ways to save on
the weekly shop
Try a week or a month of shopping local,
and you might be surprised at the results,
in terms of cost and other benefits like supporting local businesses, and
avoiding car journeys and traffic.
Defenders of the triple Lock point to the fact pensioners are often asset-rich and income-poor. (Photo: Getty)
Go shopping when you’re not in a huge rush so you can make relaxed and informed decisions. Don’t expect to stick to your plan or make great choices when you’re in a hurry.
I’ve been a cleaner for 30 years – these are the 10 products I swear by
Rebecca Jones has tried most cleaning products in her
decades-long career.
She shares the ones she can’t
live without.
The 10 best cleaning products
Best vacuum
Henry is a classic.
It has fantastic filters, sucks up pet hair quickly, and is great at cleaning up fine dust.
Best mop and bucket
The Vileda H2PrO set is light, manoeuvrable and keeps clean and dirty water separate.
A reader has asked whether or not she should sack her cleaner because she isn’t doing a good job anymore (Photo: stock image of a man cleaning a window via Getty Images)
Best glass cleaner
The HG Glass and
Mirror cleaner removes stains without leaving smudges or streaks.
The 10 best cleaning products
Best multipurpose cleaner
Method’s multi-surface cleaner is plant-based, cruelty-free, and works great on grease, sinks, sealed wood surfaces, hobs, bins and sealed laminated floors.
Deep cleaning glass door handles for Covid-19 disease prevention. alcohol,disinfectant spray on Wipes of Banister in home for safety,infection of Covid-19 virus,contamination, germs – stock photo. (Photo: Getty)
Best toilet brush
Unlike a regular toilet brush, nothing gets stuck in the bristles of Ibergrif M34152 Silicone brush. It also dries quickly, so
there’s less odour.
The 10 best cleaning products
Best mould remover
Jones uses the HG Mould Spray on walls, tiles, grout, windows and outdoor furniture.
(Photo: boonchai wedmakawand/Getty/Moment RF)
Best cloths
The Seep Eco Bamboo clothes have a streak-free finish and last.
Best carpet cleaner
Every home should have a bottle of Dr Beckmann’s stain remover, says Jones.
Caption: Dr Beckmann Power Brush Stain Remover
Image from https://www.dr-beckmann.co.uk/products/pre-wash-stain-devils/
The 10 best cleaning products
Best stain remover
The Mr Siga Multi-Functional Eraser Sponge acts like fine sandpaper to lift
dirt, stains, and scuffs using only water.
(Photo: Viktoriya Skorikova/Getty Images/Moment RF)
Best kept secret
Jones uses Bar Keepers Friend Cleanser to polish stainless-steel, scour sinks and clean her fridge and cookware.
Around 957,000 people aged 16 to 24 are classed as NEET ie. not in Education, Employment or Training
But as youth unemployment rises, not all companies
are looking to universities to find their new recruits. Meet the people who have benefitted.
Poorer graduates will be hit hardest by the changes, the National Union of Students says (Photo: Andrew Fox/Getty/Image Bank)
For young people unable to attend uni
My whole life was being a carer, so I was very lost…
From the age of around 10, Bruce Devlin took responsibility for everything at home – from administering his mother’s medication, to doing the shopping, cooking, cleaning and supporting his mother’s mental health.
He scraped through school, leaving with the lowest grades.
Now, aged 26, he has secured a job by pursuing an unconventional route.
The charities helping them
Bruce followed an unconventional route.
Getting a foot in the door seemed impossible with his qualifications, lack of experience and connections.
His Job Centre work coach put him in touch with Generation, a non-profit which partners with companies to identify roles which they are struggling to fill.
He landed a place on Generation’s first IT support boot camp and benefited from CV and interview coaching.
Bruce is now a level three senior quality engineer with 2i Testing, a company which tests other companies’ software.
The result
Getting a full-time salary and being a contributing member of society is an amazing achievement. Without this, I’d be just another person on jobseeker’s allowance, wasting any potential I had.
BRUCE DEVLIN, 26, GLASGOW
The apprenticeship route
Jessica Andrea Carvalho had an offer to start a media and marketing degree but she rejected it at the last minute to avoid huge debt and years of classroom learning.
Avoiding increasing
NEET numbers
Young woman at her first job interview with the owner of a coffee shop – stock photo. (Photo: Getty)
Generation placed 700 people
like Bruce in jobs last year.
The number of placements has jumped 20 per cent from last year.
42 per cent of their learners come from the UK’s most deprived areas.
Big Read
10 min read
Plan 5 applies to students who began university courses on or after August 2023
(Photo: Abraham Gonzalez Fernandez/Getty Images/
Source: Moment RF)
What do employers think?
Creating more routes in is not just about opportunity – it helps bring in talent with different experiences.
Paula Cunnington, the chief talent officer for Publicis Groupe UK, a network of marketing agencies that has hired 79 apprentices, says curiosity and real-world experience are far better indicators of future success.
Up to 75 per cent of us in the UK are not drinking enough water.
The human body can survive for a time without food, but it cannot survive for long without water.
Here are the signs you need more fluids, according to a GP.
How much we should drink
Water is the most vital component for life.
6-8
NHS guidelines advise we should be drinking six to eight glasses of fluid per day.
This does vary depending on our activity levels, the weather, and if we are ill.
80%
An estimated 50-80 per cent of our bodies and brains being made up of water.
It allows us to deliver nutrients to cells in our blood, lubricates our joints, regulates our temperature and much more.
How to stay hydrated
What to drink
Not all fluids are the same – water takes top spot, as it hydrates without sugars or calories, but lower-fat milks, sugar-free drinks or moderate amounts of tea and coffee can all count towards fluid intake.
Caption: Asian girl grocery shopping in supermarket. She is choosing fresh fruit juice along the beverage aisle, reading the nutrition label and checking ingredients on the bottle. Making a healthier food choice and balanced diet. Healthy eating lifestyle
Photographer: d3sign
Provider: Getty Images
Source: Moment RF
A reader bemoans that his children spend money on fancy coffees and holidays with friends, never having a penny left each month
(Photo: Getty/Gorica Poturak)
What to avoid
Limit smoothies and fruit juices to 150ml per day because the sugar causes dental decay.
Signs you’re not drinking enough
1. Our brains
The pain from migraines is sometimes described as feeling like you’ve had an axe blow to the head (Photo: Getty)
When dehydrated, we can display an exaggerated response to pain and experience headaches. Concentration, attention, reaction times and short-term memory can also all be negatively impacted.
LIFESTYLE
6 min read
Signs you’re not drinking enough
2. Our bodies
Another common sign of dehydration is constipation. Our skin can look duller, be less bouncy to the touch and be less elastic.
Tired Asian businesswoman working on a laptop computer in the office – stock photo. (Photo: Getty)
(Photo: Ekaterina Demidova/Getty).
3. Our psychology
Research has shown that even mild dehydration can lead us to feel more moody, stressed and irritable. We can also feel more tired than usual, with less energy and motivation.
Quick and life-changing tricks for a calmer, tidier home
Easy habits to declutter your home
I need someone to tidy up my attitude towards tidying. Who does one hire for that?
(Photo: Getty Images/iStockphoto)
The habits audit
Subconscious habits can cause clutter so take regular pauses to stop and notice what you are doing during the day.
The re-entry reset
Establish a routine you follow every time you come home so the entrance stays clear.
Two young children wearing school uniforms exit their front door – stock photo. (Photo: Getty)
Late toilet training has become more common, putting pressure on teachers and taking up learning time (Getty)
The exit mindset
Each time you leave the house, take a minute to think: ‘What can I take out with me?’ To the tip? To the charity shop? To recycle?
Easy habits to declutter your home
The drop zone
Doing a clear-out for charity doesn’t need to be a big task. Have a donate box in a practical location to drop any unwanted items as you come across them.
(Photo: Westend61/Getty).
(Photo: Getty).
Dedicated home
Create a logical home for everything so it’s easier to find and keeps everything in place.
Easy habits to declutter your home
The quick scan
Each time you open a drawer identify a few items you can bin, donate or return to their rightful home.
Woman carrying box while moving and cleaning up at home happily – stock photo. (Photo: Getty)
Follow these rules to declutter your own home (Photo: Nadzeya_Kizilava/Getty/E+)
One in, one out rule
To manage wardrobe clutter follow the rule that a new item can only go in if you give something else away.
The daily check-in
Give yourself a few minutes at the start or end of the day to acknowledge the progress you’ve made.
Woman Refreshing the Bed with Clean Bed Sheets in a Bright Room – stock photo. (Photo: Getty)
It can be far easier to seek an internal promotion rather than a new job elsewhere
The statistics
A trend of ‘job hugging’
12%
In January, available vacancies were down 12 per cent compared to a year prior.
According to the ONS it marked 39 consecutive quarters of decline.
51%
of UK employees plan to stay in their current roles, as Employment Hero’s first Annual Jobs Report shows. Four in 10 say competition is too high to take the risk.
So how can you improve your current situation without leaving?
Learn to humble brag
Your wins don’t always speak for themselves. Share them. Jump into conversations beyond your usual remit. How people see you today shapes the opportunities that come your way tomorrow. Even small updates can have an outsized impact.
VICTORIA MCLEAN, CEO OF CITY CV AND AN EXPERT IN CV AND PROFILE WRITING
Drive Talent Investments with Strategic Workforce Planning. A female job-seeker answering questions during a job interview with a human resource manager in a business office. – stock photo. (Photo: Getty)
Make your case – with data
Caption: Mid adult man with eyeglasses sitting on a comfortable sofa at home, thoughtfully writing notes in a small notebook while natural sunlight illuminates the room
Photographer: Milan Markovic
Provider: Getty Images
Source: E+
Keep a log
The chances of your boss remembering what you achieved in Q1 by December is low so keep a success log.
Treat it as a proposal
Show impact, link it to organisational goals,
and outline future
value, says McLean.
Male candidate handshake with the recruiter at job interview – stock photo. (Photo: Getty)
(Photo: Shutterstock).
Don’t be shy
Ask your boss directly what you need to do to be promoted in the next six to 12 months.
Offer solutions to problems
Ask yourself: what keeps your organisation awake
at night?
Solve those problems and you shift from just doing your job to being a strategic asset.
Sharing your ideas and views with the people above you can really prove what you’re capable of.
Proactively initiate new projects
or processes.
It ‘s daunting but getting people to see you in a more elevated position before you get there is really effective.
Caption: Worried businessman biting his nail while waiting for a job interview with other candidates in a hallway of an office building.
Photographer: skynesher
Provider: Getty Images
Source: E+
Ask for training
It’s a fantastic signal to show how serious you are about your development.
As careers are no longer linear, a promotion may not be in your current role, but perhaps in the same company in a broader role.
Do some digging to find out what else might be available in other areas.
How to resolve the biggest rows that can end marriages
Private school, sex and housework can be some of the biggest causes of tension between warring couples.
Mike Talbot, a psychologist, and chief executive of UK Mediation [below], reveals how to fix them.
What couples row over
Parenting and schooling
Young couple having an argument. Woman is angry with man. – stock photo. (Photo: Getty)
Psychologist Mike Talbot says parenting can expose ideological differences in a couple. He encourages people to listen to each other, and find a “third way”, something that they come up with between themselves, rather than sticking to one person’s opinion.
OPINION
3 min read
Money (or a lifestyle)
Caption: A mature couple sitting in bed and looking at each other angrily after a disagreement
Photographer: kupicoo
Provider: Getty Images
Source: iStockphoto
It’s common for couples to disagree on their property or finances.
Couples might have different ideas about what the best plan of action is for the future.
Dr Talbot says its important to find “common ground” on what both parties wish for, or worry about.
Agony Uncle
5 min read
Incompatibilities around sex
Dr Talbot has seen this when one person loses their sex drive. “It can happen when the couples get older, and she loses her sex drive during menopause, whereas the guy’s still as randy as he was when he was 20.”
Caption: Young couple having relationship difficulties at home. Both about 25 years old, Caucasian people.
Photographer: GoodLifeStudio
Provider: Getty Images
Source: E+
Copyright: DAMIR MIHAJLOVIC
Caption: Millennial black lady vacuuming floor while her husband watching TV, not helping her with household duties, cropped view. Unrecognizable young couple having problem with domestic chores
Photographer: Prostock-Studio
Provider: Getty Images/iStockphoto
Source: iStockphoto
Domestic workload
We get people disagreeing about how tidy the house should be, how neatly dressed the kids should be…
This goes back to the gender stereotypes.
The solution is to focus on value and to get the couple to think about the conflict in a different way.
Being a grandparent
is complicated
Celia Dodd, who looks after her grandchildren two days a week, says
there’s a fine line between being supportive and interfering.
Here she shares the things she’d never say or do with her own family.
What grandparents should never do
Ignore parents rules
It’s important to know what’s expected rather than second-guessing what the parents want, and possibly getting it wrong.
(Photo: Getty)
Caption: Parents and young child moving into a new house, unpacking belongings from cardboard boxes
Photographer: Vladimir Vladimirov
Provider: Getty Images
Source: E+
Send endless snaps
Friends understandably get irritated if you keep sending photos and long videos, especially if they’re longing for grandchildren of their own.
I’ve made it very clear to my own daughter that if she needs full time childcare, she’s going to have to sort that out herself (Photo: PeopleImages/ Getty)
What not to say
I wouldn’t do it like that…
The golden rule for grandparents – don’t offer advice unless it’s asked for, and never interfere – is almost impossible to get right.
You might feel like – how can you not interfere when you’re doing your best to support the family? It’s a fine line, and there are times when you’re bound to get it wrong.
What grandparents should never do
Grandchild, twilight parenting, grandparents, grandmother, baby, exhausted, tired – stock photo. (Photo: Getty)
Assume involvement
Although it’s a shock, it’s simply not on to drop in whenever you feel like it.
Beat yourself up
Being a grandparent is never 100 per cent bliss, despite what people say. Childcare can be boring as well as fulfilling.
(Photo: Paul Bradbury/Getty).
Naps before 1pm can lead to better cognitive performance in the following hours (Photo: Lord Henri Voton/Getty Images)
Admit tiredness
I don’t want them to stop asking me to babysit, and I certainly don’t want them suggesting I’m doing too much.
What grandparents should never do
Forget the years fly
Grandparents have to keep finding new ways to keep the connection close, by tapping into what your grandchild loves doing.
Conflict of family two generations old mother and adult daughter – stock photo. (Photo: Getty)
Grandparents and their young grandchildren relaxing at home – stock photo. (Photo: Getty)
Dismiss the parents
Even if you don’t agree with the way things are done – like using gentle parenting –
it’s a big help to understand why they are doing it rather than just dismiss them.
Answer: Planning for retirement is challenging at the best of times, and it can feel even harder when global events make markets more unsettled.
For someone in their late 50s, seeing the value of their pension savings move up and down can be unsettling, especially when retirement is only a few years away. It is completely understandable to want to protect the wealth you have built up over decades, but that does not necessarily mean moving everything into cash is the right move.
The temptation during periods of uncertainty is to act quickly and move pension money onto safer ground. But making a sudden switch to cash after markets have already fallen can lock in losses and leave your pension pot with little chance to recover.
While cash may feel reassuring in the short term, pensions are long-term investments, and decisions made in the heat of the moment can sometimes do more harm than good.
A better starting point is to think about how and when you will use your pensions. The key questions are how long it will be before you access the money, which pension pot you plan to use first, and what you want that money to do for you in retirement. The answers can shape how much investment risk you should be taking as retirement approaches.
For instance, if you plan to take your 25 per cent tax-free cash in the next couple of years, you may want to start moving that portion gradually into cash, or lower risk assets, so it is there when you need it. Doing this in stages, rather than all at once, can reduce the risk of selling investments at a particularly low point in the market.
If you are planning to use the rest of your pension to buy an annuity, which gives you a guaranteed income for life, then it can make sense to move into lower-risk investments as retirement gets closer. That is because annuity prices tend to be linked to assets such as bonds, so a gentler investment approach may help align your pension with what you plan to do next.
However, many people now use income drawdown instead of buying an annuity, or a mixture of the two, maybe starting with drawdown and buying an annuity later on. If that is your plan, your pension could remain invested for many years after you stop working.
In that case, moving everything into cash or very cautious investments too early may not be the best answer, because it could limit future growth and leave your pension with less opportunity to recover from short-term market falls.
This is also where it pays to look closely at your workplace pension. Many schemes use an automatic investment strategy known as lifestyling, which gradually moves savers into lower-risk investments as they near retirement.
That can work well for someone who plans to buy an annuity at a set date, but it may be less suitable for someone who is planning to access their pension earlier (or later), or who wants to take tax-free cash flexibly or use drawdown instead.
With a SIPP, you will usually have more control over how and when you change your investments. With a workplace pension, the default approach may already be making those changes for you in the background.
That is why it is so important to check whether the investment path your scheme has chosen actually matches your own retirement plans.
The most important thing is not to let headlines drive major financial decisions. If you are worried about the impact of global unrest on your retirement savings, take a step back and think about your long-term plan.
Once you are clear on whether you want cash, drawdown or an annuity, you can make sure each pension is invested in a way that supports those choices.