Lowes Magazine Issue 123

LOWES

WHEN YOU THINK ABOUT RETIREMENT, WHICH PART DO YOU VISUALISE – the earlier years when you might take in some foreign travel or indulge more in hobbies and pastimes, or the later years where you may be less active and potentially suffer poor health or become less mobile? While it is natural to focus on the early retirement years, which can be the more active and exciting and when more often we are in better health, it is important that we consider all aspects of our retirement when planning for the future. A sound financial plan for retirement needs to assess the assets that will provide income in retirement, what percentage of those assets might be used in the early years of retirement, and what percentage will be needed for later years, bearing in mind that this may require funding of later life care due to poor health. What also must be borne in mind is that as a nation, we are living for longer and the time we spend in retirement is increasing. Many people underestimate their longevity and this can lead to an imbalance in what they spend and when, potentially leaving them with too few assets when they need them in later life. Many people want to leave some inheritance also, and in this respect, taxation can significantly influence our retirement income. What is important is from which assets we derive our income; some assets, such as pensions, can be best left to last, as they may be passed tax free to beneficiaries, while ISA investments fall within a person’s estate for inheritance tax liabilities. Of course, not everyone will retire outright, some may need or want to continue working in some capacity. This can be useful in continuing to bring in income and for continuing to pay into a pension, building up your pension pot even as you begin to wind down from working life. No matter which route we take, it is important that we are fully informed and engaged with our finances, so we have realistic expectations about our retirement, from the active stages to the less active ones. Working with an Independent Financial Adviser on a financial plan can help bring peace of mind and with regular reviews, ensure our money lasts the full length of retirement. Think retirement , think plan

AS PART OF THE EXCITING DEVELOPMENT plans currently under way for Lowes Financial Management, we have appointed Gershom Chan as Head of Financial Planning. Gershom has been appointed to the newly created role as part of building out a strong senior team within the business – joining our other recent appointments of Andy Gardiner as Associate Director, and Adele Baillie as Head of Business Enhancement and Engagement. Gershom has extensive experience in financial planning and wealth management, as well as banking. He has been part of the wider Lowes team for around four years, working in several technical roles initially before becoming a client facing adviser. In his new role he will be involved in developing and enhancing the advice proposition on offer to our clients, building on Lowes’ reputation for providing personal service to clients, as well as continuing to strengthen our approach and attract more clients that we can help to build and maintain their wealth. He will also take the lead on the training and development of the next generation of financial planners. Lowes founded Lowes Financial Academy in 2020, an initiative which aims to help attract new talent to financial services, and we are keen to encourage newcomers with the intention of modernising and revolutionising the profession. This is a passion of Gershom’s and is a side of the business he is enthusiastic about driving forward. Further foundations for growth

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