People using income drawdown to fund old age are being warned to scale back withdrawals if they can to prevent the market crash demolishing their retirement savings, especially during the initial few years. But while some retirees will be able to pause withdrawals, cut their spending, or rely on alternative assets, others will need to take money from their drawdown plan regardless of its negative impact. We give a rundown of the options.
THIS IS MONEY'S SIX OF THE BEST
Investing Show: Tim Price says buy Japan - 'the standout value opportunity'
Against a backdrop of bad headlines, contrarian investor Tim Price explains where he is looking for good news in the latest episode of the Investing Show. The show also includes a discussion of whether the UK is likely to see negative interest rates and Lydia Fearn, of consultancy Redington, on how to make more of your pension.
DON'T MISS
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Take the quiz that reveals what kind of pensioner you would be
From an Active Adventurer to a Relaxed Retiree...
Sponsored - The regions with the biggest mortgage debt revealed Use these interactive maps to see how your town or city compares...
- Are we on the brink of a new banking crisis? UK's biggest lenders see more than £40bn wiped off their value this year - and it's even worse for banks on the continent...
- Well-off, hard-working and never late paying bills: Yet banks refuse these perfect borrowers a mortgage because they're too old
- Our Thomson flight was delayed by seven hours - and now they are ignoring our claim for compensation ASK TONY.
- Greedy banks NEVER learn: Family debt is ballooning again - but one lender is flogging credit cards in the street...
- Bank customers targeted in new 'smishing' scam Warning after one customer lost £23,000 (and Santander won't refund his cash)...
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The real cost of buying a home: the essential guide to help first-time buyers
Checklist to get ahead
Sponsored - The European travel insurance that doesn't cover you in Spain Insurers exclude popular holiday destinations as medical costs soar.
- Get set for the worst Isa rates you've ever seen as hopes of a base rate hike are dashed Hopes that rates might improve have been sorely dashed.
- Would you bet on the firm that makes scarves for Pippa? Dozens did, but they may have lost a small fortune....
- Students caught up in £6k loan trap as Government freezes salary threshold for another five years in U-turn Government backtracks on pledge.
- Banks should stop insulting homeowners and consider each borrower on merit DAN HYDE.
BUSINESS, CITY & MARKETS
FTSE CLOSE: Footsie tanks again as US stocks slump in early trade on weak oil prices and concern about banks
The FTSE 100 closed down 135.33 points at 5536.97 as investors worried about the health of the banking sector and a plunge in the oil price back to £30. The US Dow Jones tumbled 2 per cent or 326 points to 15,588.8 at the open, while Germany's DAX dropped 3 per cent and France's CAC 40 shed 4 per cent of its value. 'Markets are hanging over the cliff-edge,' said one City trader. 'There has been a widespread flight to safe-havens across asset classes.'
SAVE MONEY, MAKE MONEY: THE BEST RATES, DEALS AND TIPS THAT CAN MAKE YOUR RICHER
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Is it worth switching supplier and how much could you save? -
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Ten tips to find the cheapest and best cover - plus compare quotes in minutes -
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Bank accounts and credit cards that don't hit you with big fees -
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FIVE FAVOURITE ISAS
We've scoured the savings tables to find the best tax-free savings
MONEY NEWS & ADVICE
Why bother saving into a pension? Here's the advice I gave to my own sister, says SIMON LAMBERT
How do you get people to start saving into their pension early? This is a question that vexes the state, policymakers and the pension industry. It also landed with me this week when my sister asked about her new job's pension. On the basis that the advice I'd give my own sister is the best I can come up with, I will share it here.
The regions with the biggest mortgage debt revealed: Use these interactive maps to see how your town or city compares...
Mortgage holders in pockets of London along with other towns on the outskirts such as Barking, Crawley and Harlow are the most at risk if the BofE raises interest rates, data shows. Those who have bought a home in these areas - along with others, Dagenham, Slough, Watford and Worcester - are the most exposed if rates nudged up, Savills says.
Well-off, hard-working and never late paying bills: Yet banks refuse perfect borrowers a mortgage because they're too old
Like many parents, Eric and Muriel Fisher were keen to help their children buy their first homes. So in 2005, they borrowed £92,000 from Halifax to provide deposits and assistance to their five offspring. The mortgage they took out was interest-only. Yet the couple have been told the loan must be repaid next year when Mr Fisher turns 75.
The £1MILLION studio flat you'd have to earn £100K more than the Prime Minister to afford
The high-rise property in London's trendy Shoreditch has come onto the market for sale with a price tag of £1,090,000 despite having just 689 sq ft of accommodation. Anyone looking to buy the property in London's trendy Shoreditch with a 10 per cent deposit of £109,000, will need to be earning a massive annual wage of £245,000.
Are we on the brink of a new banking crisis? UK's biggest lenders see more than £40bn wiped off their value this year - and it's even worse for banks on the continent
The numbers are eye-watering and have left investors wondering just how serious this global sell-off really is. Stock watchers been spooked by falling energy prices, the slowdown in China and emerging markets - and the prospect that the European Central Bank could cut interest rates further into negative territory.
Bank customers targeted in new 'smishing' scam: Warning after one customer lost £23,000 (and Santander won't refund his cash)
Bank customers are being warned to be vigilant after what is believed to be a spate of 'smishing' attacks which drain current accounts of cash. One reader, Edward Smith from Sheffield, lost £22,700 from his 123 current account after fraudsters managed to hijack a genuine Santander text message thread to say there was suspicious activity on his account.
MORE BUSINESS, CITY AND ECONOMY NEWS
Osborne's pension ISA would be a 'reckless gamble', warns Royal London boss
Royal London chief executive Phil Loney aired fears that George Osborne will 'tamper' with the pensions system in the Budget on March 16 to balance the books. The Treasury has been considering plans to axe pensions tax breaks which encourage saving and are worth worth £34billion a year to help it plug the UK's £94.7billion annual deficit.
YOUR MONEY ESSENTIALS
The top ten investing mistakes that savers fall prey to - and how to avoid them as you think about ISA options for 2016
Investors have suffered a turbulent start to the year. Stock market volatility continues as oil prices fall and the fragility of global markets like China is exposed. Now, more than ever, it is essential to take steps to ensure your investment portfolio is the strongest it can be. Investing can be much more straightforward than many believe. By following a simple set of rules and avoiding the pitfalls even the most inexperienced investor could become a successful investor.
Keep calm and carry on? Where fund managers are looking for unloved bargains in the stock market storm
For many, the current environment looks like a tricky time to invest. But fortune favours the brave, and some investment managers are buying into cheap stocks in the hope that they will rebound. We ask some leading investors where they are looking.
Does your fund beat its benchmark? How to use financial yardsticks to sharpen your investing prowess
All investment and pension funds come with a benchmark, which is normally the first and most basic yardstick people use to measure and compare performance. So how do they work and how well?
From writing on bank notes to hanging washing and being drunk in charge of a cow: Seven obscure laws that could cost you dear if you fall foul
Since King John signed the Magna Carta back in 1215 all manner of laws have slipped onto the statute books. Some are good, others less so, and then there are the downright peculiar. Lurking out there are plenty of obscure laws that could cost you money thanks to a fine or affect you as a consumer, but seem unlikely to ever be enforced.
Are you missing out on your work's perks? From life insurance to help with buying a home, your job could give more than just a salary and pension
With pay rises expected to stall at just two per cent for the third year in a row in 2016, it is time to squeeze extra value from your workplace perks. Rachel Webster (pictured) cashed in a special work savings pot in May and with the proceeds could afford the down payment on a three-bedroom terraced home.
That old vinyl collection gathering dust in your attic? It could be music to your ears as some records sell for hundreds of pounds
Our renewed love affair with vinyl has created a huge growth in the value of collectable old records. Vinyl records previously viewed as junk quietly gathering dust in the attic or at the back of garages are now shrewd investments worth hundreds of pounds. Brigid Harrison-Draper (pictured), a vinyl collector and contributor to magazine Record Collector, says: 'There is no substitute for vinyl.
The Great Tax Switch: Fury as small firms' rates burden soars - outstripping other taxes - and corporation tax take falls by billions
Small and medium-sized companies are struggling to survive under the burden of a huge rise in business rates while the Treasury's income from corporation tax has fallen, according to the Confederation of British Industry. The organisation representing bosses has urged Chancellor George Osborne to reform business rates in his imminent Budget - due in just over a month's time - and has called on him to scrap the tax altogether for more than a million small firms.
Baffled by complex internet and phone offers when you try to switch? Don't worry, confusing ads may soon be...BroadBANNED!
Millions of household bill-payers are routinely bamboozled by 'confusion pricing' used to promote broadband deals. But media watchdogs are gearing up to scrap the practice. Burying landline rental fees in contract small print often baffles customers, according to new research. Self-employed audio transcriber Lisette Davidson (pictured) is reluctant to switch broadband provider because she feels the process of comparing deals is deliberately puzzling.
GUIDES: HOW TO SAVE MONEY AND MAKE MONEY
WHAT NEXT FOR YOUR MONEY?
50 ways to save money: Simple steps to cut what you spend that could clear your debts or seriously boost your savings
To clear the average national household debt of ?13,000 at 6% interest with a monthly repayment of ?100 will take around 17 years. There are, however, plenty of simple ways to make significant savings on your regular spending that could clear your debt - or boost your savings - in less than a year. This is Money's top 50 - updated - money-saving tips may appear light-hearted but are deadly serious.
When will interest rates rise? Bank's lone wolf ends his hike calls, as outlook for a rise drifts to 2017
Interest rates are set to remain at their record lows well into 2017, commentators suggested after the Bank of England held rates by a vote of 9-0 and lowered its growth forecasts. The quarterly inflation report said that outlook for global growth had weakened further since the previous report in November and that the latest data suggest a softer picture for UK activity in 2015 than previously assumed.
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Best paid jobs 2015: Compare your salary to the national average in this league table of 350 professions - and see the year's winners and losers
Musicians have seen pay rises averaging nearly 20 per cent in 2015, while cleaners are getting 17.8 per cent more, and window cleaners 12.3 per cent. Artists in general are earning 14.6 per cent more in 2015 than 2014, according to the huge annual data dump of pay scales by the Office For National Statistics highlights.
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Premium Bonds winners
Prize value | Winning bond No. | Area |
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£1,000,000 | 98DC258404 | Nottingham |
£1,000,000 | 241QQ814726 | Wales |
£100,000 | 211GQ302543 | Kent |
£100,000 | 170MT779070 | Hampshire and Isle of Wight |
£100,000 | 162DS982532 | Wales |
£100,000 | 128MT882542 | Southampton |
£100,000 | 127AG354956 | Ealing |
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£50,000 | 251VY927696 | Inner London |
MOST READ MONEY
- Is charity Age UK selling overpriced insurance too? Investigation suggests its quotes are three times higher than rivals.
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- Fury as small firms' rates burden soars - outstripping other taxes - and corporation tax take falls by billions The Great Tax Switch...
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- MIDAS SHARE TIPS: Penna Consulting's on the march...as it helps firms hire and fire staff People specialist
- What a pig's ear this Government is making of pensions - tin hats ready... we're doomed! JEFF PRESTRIDGE
- That old vinyl record collection gathering dust in your attic? It could be music to your ears as some discs now sell for hundreds of pounds...
- If my father-in-law gifts me £25k but dies within seven years will I have to pay inheritance tax? If so, would it be better if his wife gifted me half?
- In two decades it's gone from an also-ran to one of the Britain's favourite SUVs, we test Kia's new Sportage RAY MASSEY
- Small firms are tearing their hair out as they are forced to offer all staff a pension SIMON WATKINS
- Can you profit from the bank share plunge? Bold investors can be greedy when others are fearful
- The best more affordable London commuter towns Should you move to Chelmsford, Bedford or Rochester?
- Asda starts selling 'wonky veg' boxes at 128 of its stores Enough vegetables to feed a family of four for a week for £3.50?
- 'Leaving the show is a massive step - but I have to do it for the sake of my business' TOWIE's Lauren Pope reveals her start-up secrets...
- £12BILLION... The slump in profits from the taxpayer bailout of the banks in just seven months Profits slashed
- Boss at the troubled Office for National Statistics plans digital fightback: 'Yes, we must do better to make sure the numbers add up'
- 'It's cold out there... it's cold out there every day': Groundhog Day for interest rates Will they rise before we see a recession?
- Could an average earner buy a home in your area? Interactive map reveals where workers can still afford to buy - and solo buyers are priced out of 95% of all regions.
- Building dream home from scratch set to get easier Government unveils plan to help double the number of self-builds.
- Londoners put away over £1,000 a month - four times as much as those in the North East UK's savings hotspots revealed...
- Techie who gave up his share of a £174m fortune - for a bike! Predictive-typing app started by three hard-up friends sells to Microsoft.
- Glimmer of hope for 550,000 expats on frozen state pensions Retirees penalised by 'lottery' rules resting on where they move.
- Top UK income funds revealed Size matters as Unicorn magics its way to the top, but big guns fall from grace.
- Owners rush to cash in on properties' rising values - but what's the best way to release equity and fund home improvements?
- Britain's biggest bank accused of running branches with 'skeleton staff' after announcing 1,700 job cuts Lloyds Bank's grim message.
- When will interest rates rise? Bank's lone wolf ends his hike calls, as outlook for a rise drifts to 2017 Latest analysis
- Would you like a yield of 8%? The Insight Income Booster fund gives investors an impressive yield - but its sticking to troubled oil and gas.
- Elon Musk cancels Tesla buyer's $130k electric car after taking exception to his letter of complaint The customer ISN'T always right
- Former Cambridge graduates set for multi-million pound windfall as tech giant Microsoft snaps up SwiftKey A £174m deal
- Shoppers still paying less for clothes, shoes and books than a year ago ...but food prices are creeping up
- Has market turmoil wrecked your pension drawdown plan? Here's how to rescue your fund from devastating early...
- Driverless cars will prevent 95% of all traffic collisions - but experts say the technology won't be...
- BT cracks down on cold callers with a breakthrough service to divert 25million nuisance calls a week to a...
- Investing Show: Tim Price says buy Japan - 'the standout value opportunity'
- Fearful investors seeking safe havens send gold price to one-year highs at nearly $1,250 as global stock...
- Britain's drivers stuck 1million new cars worth £16.2bn on finance last year - as experts warn over the rise...
- Buy-to-let investors swerving April's stamp duty hike push up property prices as number of homes put up for...
- Shops always seem to be having their 'biggest ever' or 'best ever' SALE: Do they ever have to back up these...
- FTSE CLOSE: Footsie tanks again as US stocks slump in early trade on weak oil prices and concern about...
- Enterprise Inns sees net income grow by 1.6 per cent as it braces itself for the end of the 17th century...
- Sterling drops to 13 month low versus the euro amid 'Brexit' worries and global growth fears as the CBI cuts...
- Thomas Cook sees bookings and revenues fall as terror attacks deter holidaymakers
- BP predicts oil will peak again at $100 as it expects energy consumption to rise
- HSBC changes its mind on cuts and goes ahead with pay rises despite warning of uncertain outlook
- What retirement type are you? From an Active Adventurer to a Relaxed Retiree... the quiz that reveals what...
- Driverless cars will prevent 95% of all traffic collisions - but experts say the technology won't be perfected until 2050
- Fearful investors seeking safe havens send gold price to one-year highs at nearly $1,250 as global stock markets slump
- Bank customers targeted in new 'smishing' scam: Warning after one customer lost £23,000 (and Santander won't refund his cash)
- What retirement type are you? From an Active Adventurer to a Relaxed Retiree... the quiz that reveals what kind of pensioner you would be
- Are we on the brink of a new banking crisis? UK's biggest lenders see more than £40bn wiped off their value this year - and it's even worse for banks on the continent
- Would you bet on the firm that makes scarves for Pippa? Dozens did, but they may have lost a small fortune
- Why bother saving into a pension? Here's the advice I gave to my own sister, says SIMON LAMBERT
- 'How I turned my backpacking trip into a business spanning Europe and got a£50m cash injection all by the age of 32' - the start-up story of GoEuro.com
- Owners are Macan a profit: Massive demand for Porsche's SUV have sent used values soaring up to 25 per cent higher than they were when new
- Has market turmoil wrecked your pension drawdown plan? Here's how to rescue your fund from devastating early losses
- The regions with the biggest mortgage debt revealed: Use these interactive maps to see how your town or city compares...
- BP predicts oil will peak again at $100 as it expects energy consumption to rise
- ASK TONY: Our Thomson flight was delayed by seven hours - and now they are ignoring our claim for compensation
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MIDAS SHARE TIPS
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- MIDAS SHARE TIPS UPDATE: Our 'big box' tip Tritax gets even bigger - with shares up 30 per cent
- MIDAS SHARE TIPS: Satellite Solutions aims to provide broadband to remote areas - and strong returns for investors
- MIDAS SHARE TIPS UPDATE: From motorway to medical, our tip JLIF's healthy 50% return
- MIDAS SHARE TIPS: China's demand for gas will help Green Dragon roar back to life
- MIDAS SHARE TIPS UPDATE: BG investors should approve the Shell takeover even as the oil price languishes
- MIDAS SHARE TIPS: High-tech machine maker Somero Enterprise doing its level best for the construction industry
- MIDAS SHARE TIPS UPDATE: Fashion sales looking sharp at SuperGroup
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- MIDAS SHARE TIPS UPDATE: Hold your nerve in Cineworld's blockbuster battle
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FUND AND TRUST IDEAS
- FIDELITY ENHANCED INCOME: Fund has one of the highest yields in the UK equity income fund sector
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- BAILLE GIFFORD JAPAN TRUST: 'Abenomics' is helping to put Japan back on the map for investors
- ABERFORTH SMALLER COMPANIES: Silence is golden for trust that lets numbers do the talking
- BLACKROCK THROGMORTON TRUST: The quasi-hedge fund that's happy to make money out of misfortune
- ABERDEEN ASIAN SMALLER COMPANIES: 20 years on, but will fortune still favour the brave?
- JPM UK DYNAMIC: Fund bets house on George Osborne's building plans for 'Generation Buy'
- EDINBURGH INVESTMENT TRUST: Manager who took over from Woodford delivers 15% return over past year - and a 3.4% dividend
- OLD MUTUAL UK ALPHA: My unloved mega stock picks will come good, insists star investment manager Richard Buxton
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Latest: Mortgages & home
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Latest from Saving & banking
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- HSBC customers hit by computer glitch could be able to claim compensation - even if they weren't left out of pocket
- Our savings picks: This is Money's five favourite best buy cash Isas for 2016
- Get set for the worst Isa rates you've ever seen as hopes of a base rate hike are dashed
- RateSetter unveils details of the first innovative finance Isa but is it enough to tempt you to put peer-to-peer in your tax-free savings?
- Peer-to-peer lending doubles to £4.4billion in 2015 as sector prepares for innovative finance Isa launch
- Get paid more to switch banks: Halifax boosts incentive to £125 for new current account customers as battle heats up
ANSWERS FROM THE Experts
- Shops always seem to be having their 'biggest ever' or 'best ever' SALE: Do they ever have to back up these claims or are they allowed to make it up?
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- Pensions and inheritance tax
- Capital idea
- Insult to injury
- TONY HETHERINGTON: Here’s the REAL picture about ‘buy to let’ art from Art Investment Management Limited
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Currency | Rate | Buy now |
---|---|---|
Updated 11 Feb 2016. | ||
Euro | 1.2525 | Buy Now |
US Dollar | 1.4185 | Buy Now |
Australian Dollar | 1.9853 | Buy Now |
Canadian Dollar | 1.9763 | Buy Now |
Chinese Yuan | 9.1563 | Buy Now |
Croatian Kuna | 9.4701 | Buy Now |
Czech Koruna | 33.689 | Buy Now |
Danish Krone | 9.2817 | Buy Now |
Egyptian Pound | 9.8877 | Buy Now |
Hong Kong Dollar | 10.971 | Buy Now |
Hungarian Forint | 385.12 | Buy Now |
Israeli New Shekel | 5.3864 | Buy Now |
Japanese Yen | 159.4 | Buy Now |
Malaysian Ringgit | 6.2624 | Buy Now |
New Turkish Lire | 4.065 | Buy Now |
New Zealand Dollar | 2.1215 | Buy Now |
Norwegian Krone | 12.012 | Buy Now |
Polish Zloty | 5.4651 | Buy Now |
Singapore Dollar | 1.9609 | Buy Now |
South African Rand | 22.472 | Buy Now |
Sterling | 1.0 | Buy Now |
Swedish Krona | 11.768 | Buy Now |
Swiss Franc | 1.3731 | Buy Now |
Thai Baht | 49.23 | Buy Now |
UAE Dirham | 5.1949 | Buy Now |
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- That old vinyl record collection gathering dust in your attic? It could be music to your ears as some discs now sell for hundreds of pounds
- FIDELITY ENHANCED INCOME: Fund has one of the highest yields in the UK equity income fund sector
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Latest: money and Cars
- Driverless cars will prevent 95% of all traffic collisions - but experts say the technology won't be perfected until 2050
- Britain's drivers stuck 1million new cars worth £16.2bn on finance last year - as experts warn over the rise of debt-saddled used motors
- Owners are Macan a profit: Massive demand for Porsche's SUV have sent used values soaring up to 25 per cent higher than they were when new
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- In two decades it's gone from an also-ran to one of the Britain's favourite SUVs, RAY MASSEY checks out Kia's new Sportage
- How much? Owner of first diesel Land Rover puts tatty 4x4 up for sale for £200,000 - and it doesn't even come with the prized engine
- Investing in the best of British: Six home-grown classic cars tipped for a handsome return in 2016
- UK new-car market posts best January figures for 11 years but Volkswagen bucks the trend with dwindling sales down 14%
- Is this as good as it gets for drivers? Petrol and diesel prices may have bottomed as oil recovers from 12-year low, RAC warns
Latest from Markets
- Fearful investors seeking safe havens send gold price to one-year highs at nearly $1,250 as global stock markets slump
- FTSE CLOSE: Footsie tanks again as US stocks slump in early trade on weak oil prices and concern about banks
- Enterprise Inns sees net income grow by 1.6 per cent as it braces itself for the end of the 17th century 'beer tie'
- Sterling drops to 13 month low versus the euro amid 'Brexit' worries and global growth fears as the CBI cuts its UK GDP forecasts
- HSBC changes its mind on cuts and goes ahead with pay rises despite warning of uncertain outlook
- Russian tycooons Alexander and Evgeny Lebedev in talks to sell the i newspaper for £24million to Johnston Press
- Thomas Cook sees bookings and revenues fall as terror attacks deter holidaymakers
- Rio Tinto slumps to loss and axes progressive dividend policy as miner feels the pinch from collapsing commodity prices
- MARKET REPORT: Hikma Pharmaceuticals hurt by takeover fallout as it cuts offer price for Roxane
- John Lewis customers hunting for cheaper products boost Dunelm as sales rise
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