The idea of slashing the Cash ISA allowance was first floated in February, with talk that Rachel Reeves could cut it from £20,000 a year to just £4,000. The official line is that she wants savers to put more money into Stocks and Shares ISAs, since equities should give a better return over time. It will also funnel more cash into UK businesses.

But really, this is a Treasury tax grab. Most experts reckon most won’t shift their savings from cash to stocks and shares. Savers are more likely to park their deposits in standard bank accounts, where interest is taxable.

Already some 3.2 million pensioners pay income tax on their savings interest, a figure pushed higher by rising interest rates and the freeze on income tax thresholds and the personal savings allowance.

That’s a tidy win for the Treasury, but a loss for pensioners. Many stick with Cash ISAs because they don’t want to gamble on the stock market at their age. That’s sensible, as they have less time to recover from a stock market crash.

Stocks and shares may make money work harder, but for older savers, the risks can be unnerving. Savers should make full use of this year’s Cash ISA allowance, while it’s still at £20,000.

This isn’t the only way Reeves may target pensioners next month.

There’s a heap of speculation before any Budget, as journalists, accountants and advisers try to work out what the Chancellor might do. The Treasury isn’t innocent either, floating ideas to see how voters react.

I’ve done my bit in the past but have been cautious this year. Pre-Budget chatter can spook people into making rash moves. Before last year’s Budget, rumours suggested Reeves would cut the cap on 25% pensions tax-free cash from £268,275 to as little as £100,000 or £40,000. Some rushed to take their tax-free cash before the Budget, then regretted it when nothing happened.

Now the rumours are back and creating havoc all over again. With a potential Treasury windfall of around £2billion, it’s no wonder. Personally, I still doubt Reeves will go for it – it would be deeply unpopular. But the option hasn’t disappeared.

Anyone tempted to take their money today faces a tricky choice. As a rule, savers should leave money in their pension until they need it, to let it roll up tax free.

But if already thinking of taking it, now may be the time. Seek financial advice if unsure.

There are two more ways Reeves may hit pensioners (and there may be more to come!).

Think tank the Resolution Foundation has suggested cutting 2p from National Insurance and adding 2p to income tax. Why bother?

Again, to target pensioners. They don’t pay NI, but they do pay income tax. So this could raise £6billion. The Budget is being written by former Resolution Foundation boss Torsten Bell, so watch out for this one.

Many pensioners already pay more income tax and will suffer if Reeves extends the freeze on income tax thresholds by two years to 2030. Of course, that would hit people of working age as well, as well as breaking a key Labour manifesto commitment. It would cause a scandal, but Reeves may have no choice.

Finally, Reeves may unleash new property taxes, such as higher council tax on expensive homes or a new tax on pricier property sales.

Again, pensioners would be hit hardest, especially in London, the South East and pricier areas of the country, as they’ve seen decades of house prices rise. There’s not much they can do to avoid it either. Just sit tight and hope for the best.

This Budget is shaping up to be one of the toughest ever, and pensioners won’t know the full impact until November 26. Until then, the speculation will swirl. Avoid rash moves.