Lowes Magazine Issue 125

RETIREMENT

been subscribed for years can find savings through downsizing to a smaller package or simply stopping for a while. Reviewing those little purchases, such as morning coffees or Danish treats, the cost of which all add up to maybe more than we think, also can help. The good news is that recessions do not last forever and the actions we need to take are likely to have a short-term horizon. Above all, it is important that no big or knee-jerk decisions are made in response to the market and economic situations. What you do and how you do it needs to be planned. Retirement is something you have been saving for throughout your working life, so it’s important not to be thrown by events and make a mistake that could impact your long term retirement income. Lowes Advisers are here to help and guide you through tougher times. If you have your sights set on retirement in the next year and you have concerns, please talk to your Lowes Adviser or call us on 0191 281 8811 and we will arrange for someone to contact you.

3. Don’t take pension tax-free cash Many people set their heart on spending their tax free cash from their pension on a holiday or other luxuries when they first retire. Leaving the cash in the pension means there is more invested which can grow as markets recover, and it can be taken at a later date. 4. Use cash accounts Some wealth can be retained in cash to act as a buffer against selling investments in a downturn and for emergencies. Inflation will continue to erode cash accounts and investing a cash buffer in a downturn means it can be used to great effect. But retain some cash for emergencies, such as While reducing expenses may seem obvious, deferring larger purchases – a new car or home improvements, for example – can leave money in your retirement pot to grow. Small changes can also make a difference, such as reviewing our direct debits and subscriptions. How much do we use them really? A spring clean of the TV streaming packages to which we’ve replacing white goods. 5. Reduce expenses

Technology within financial advice TECHNOLOGY HAS BEEN HAVING AN IMPACT ON FINANCIAL ADVICE FOR many years. Much of the technology is used behind the scenes to make fast transactions and obtain pension and investment valuations. It also enables our support teams to keep abreast of market movements. The pandemic accelerated the take-up of technology within financial services and certainly within financial advice, with the use of video calls for virtual meetings and greater acceptance of digital documents and communications. If you are not used to it, technology can seem overwhelming. But it is just a tool we can use to our advantage. It can provide useful ways to improve and enhance a service and help make it easier to deliver some aspects of financial advice. Lowes employs a secure email system which provides added safety in our communications by encrypting messages. This year we also launched a digital solution to enhance the ways clients can see their investments. Lowes Online is available for portfolios of more than £250k through desktop computers or an app on your tablet or smartphone. It uses bank level security and encryption, plus a password protected log in. It provides a clear and uncomplicated view of your investment portfolio, at any time of day that suits you. You can see a snapshot of your overall investment information and valuations, or you can drill down deeper to look at your portfolio’s investment history and keep track of its performance including individual fund activity. Lowes is using technology to complement our service, fully appreciating that we are a people service and there is no alternative to a personal relationship. Our principles are based on the premise of helping our clients manage their personal finances personally, with a human touch. No matter how much technology we use, that won’t change.

8 Lowes.co.uk