Last man standing

Brazilian Walter Orthmann (who turned 100 earlier this year) holds a Guinness World Record for the longest career in the same company. He has worked for his employer for more than 84 years (and is still there)!

Walter ‘started at the bottom’ and worked his way up (from shipping assistant; to sales; to management). He believes that the best part about having a job is that it gives you a sense of purpose, commitment and routine.

Over the course of his 84-year career, he has travelled extensively and has collected pay in nine different currencies.

He has learned from necessity and experience how to adapt to all kinds of change, both within the company and out in the world.

However, what interested me most as I read his story is his focus on ‘the now’ – he says:

“I don’t do much planning, nor care much about tomorrow. All I care about is that tomorrow will be another day in which I will wake up, get up, exercise and go to work; you need to get busy with the present, not the past or the future. Here and now is what counts. So, let’s go to work!”

This statement is utterly at odds with our ethos here at Solomon’s for financial planning which is all about thinking about where you are now; where you want to be; and of course how to get there.

So I have to assume that Mr Orthmann did not want ‘more from life’ than this; that he has a passion for his work; that he is totally comfortable with his decisions and doesn’t feel like he has ‘missed out’ on anything – I certainly hope for his sake that my assumptions are correct – otherwise his life story would feel like a very sad tale indeed.

Our role here is not to tell you what your retirement should look like – it is to help you visualise this for yourself; and to help you prepare the way for that to come to fruition. No two retirements look the same and we do not attempt to ‘shoe horn’ anyone into planning for things that simply don’t interest them.

We are yet to hear any of our clients say that they want to plan to remain employed until they die – largely our clients want to be able to devote time and money to other things (although we do have some clients who continue to work well into their retirement – but there is balance; and they are working because they want to rather than out of necessity).

And maybe here is the problem I see in Walter’s case – as a result of his lack of planning ahead and thinking about the future, it also has to be true that he didn’t ‘plan’ to keep working – it just happened. And I think it’s a little sad that he wasn’t interested in being a little more pro-active about his life. His World Record is a result of apathy and inaction; of letting life happen rather than choosing what his life would be.

We often ask our clients what advice they would give to their 20-year-old selves and I wonder what Walter would say in response to this question …

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email [email protected]

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Last man standingJemima Thomas2023-12-01T12:12:42+00:00

Leaving a legacy behind

Most of us want to leave a legacy – whether that be children, grandchildren, a financial inheritance, making an impact in our job or the charity we support. But what if our legacy can be bigger than that … ?

Having just had England’s hottest Summer on record, it feels poignant to think about the small steps we can take in the ‘here and now’ that lead to achieving bigger picture goals in the future. With harsher, colder Winters becoming a growing reality and hotter, drier Summers becoming the new norm, we must ask ourselves – what are the small things that we can do in our everyday lives that will help slow down these potentially drastic climate changes?

There are lots of things we can do and we know that many of our clients take this responsibility very seriously, but here are some of the things that are important to me personally and that I have made a conscious choice to be mindful about:

Reducing meat consumption

Cutting down on meat consumption is a big way that we can impact our environment – particularly since the way that we currently farm is not sustainable. Forests and habitats are cut down to provide space and to grow feed for animals – which leads to reduced biodiversity. Cutting down rainforests to use the land for beef farms also has a direct link to how our water cycle works

Purchasing locally grown food

Eating local produce reduces fuel emissions that result from importing food from across the world

Supporting organic farmers

Whilst organic food is more expensive, it supports our ecosystems. Pesticides (used in producing non-organic products) have been linked to causing hormone imbalances (amongst other things) in the body, all of which can cause a whole host of health issues. It is currently legal in many countries across the world to use pesticides that kill pollinating insects – which as we know are crucial for the health and future of our ecosystems

Changing travel routines

Walking or using a bicycle is a great way to stay fit and healthy, as well as keeping our environment free of pollutants. Using public transport or car sharing is a good way to lower our carbon emissions. Thoughtfully choosing a car that can be charged using electricity or has a good C02 emissions rating or thinking about whether or not your family really requires multiple cars is all about being mindful of our decisions and the impact that they have globally

Reusing and recycling

There is so much unwanted household waste from clothes and furniture to broken TVs and toys that children have outgrown. Trying to fix things that are broken instead of automatically throwing them into landfill or giving things away to someone who might need them are two ways of getting the most use out of our possessions

I hope this brief look at the changes I am trying to make in my own life has motivated you to also think about the future we’re creating for the people we leave behind. Together hopefully we can begin to reverse some of the effects of climate change … small stones to create larger ripples.

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email [email protected]

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Leaving a legacy behindJemima Thomas2023-12-01T12:12:43+00:00

Tilly – the day my dog died

The day my dog died

You may have met Tilly, my golden cocker spaniel… well in truth she was a mix between a Cocker and Springer (a ‘Sprocker’). She often came with me to the office and (being a little too friendly) may have greeted you or been ushered into one of the other rooms.

Tilly was my first dog, after much ‘discussion’ and persuasion, I eventually capitulated to the calls from my family to take the plunge. That was back in 2009. I can tell you that the reasons for my reluctance to become a dog owner were largely right, but also totally wrong. The daily walks come rain, shine or snow did me enormous good – indeed much of this quiet time was spent thinking about how I could help clients, develop the business or simply be a better human.

Tilly became a companion and the phrase ‘a man’s best friend’ resonated. Not a human friendship of course, but one of complete acceptance of me. During lockdown, I took to posting rather more pictures of our walks together as I’d been encouraged to do so – some found it helpful to see the normality of a middle-aged bloke walking his dog. You can see many of them on my social media accounts should you wish to.

On holiday this summer it became evident that Tilly was not well. We returned home a day earlier than planned for a trip to the vet. Suspicions were confirmed and drugs to help with eating and weight loss prescribed. A couple of weeks later, she was in a poor state and reluctantly we made the decision to say goodbye. The vet said that this was definitely the right thing to be doing. I called my family so that they could all come home to say goodbye.

It was horrible. I suspect many of you have had such an experience, it’s horrid. There is the lingering feeling of ‘was this really the right thing to have done?’; to have been alive one moment and gone the next, so suddenly.

I was struck by my own feelings about the loss; genuinely deeply sorrowful. I could reflect on many lovely memories, but was acutely aware that this part of my journey was at an end. I found myself replaying that last day over and over in my mind – could I and should I have done things differently? The thing is, as we all know, it’s all so final isn’t it?

To be clear, grief isn’t a new experience for me. Sadly, over the last 30 years I have lost several close family and friends, and another dear friend in February. Not people from the expected older generation and not dying of ‘old age’, but invariably very sudden and catastrophic changes in health. These are experiences that many of us have had, and all of us have in the end.

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email [email protected]

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Tilly – the day my dog diedJemima Thomas2023-12-01T12:12:43+00:00

Lionesses changing the game

As the Summer winds down and draws to a close, for every football fan in the country it’s a fresh start. A clean slate for their teams to build a strong foundation for the long gruelling season ahead. However, this year, football came home. As an avid fan of the sport from a young age, seeing England lift a major international trophy for the first time sent me into hysteria! But once the initial elation simmered down, I thought about the magnitude of what they had actually just achieved. Not only had they won the tournament, they had dominated it. Our ladies were relentless, scoring 22 goals in six games. For comparison, only one other team scored more than ten. This unprecedented performance isn’t possible based on ability alone, the margins are too fine at the highest level of any sport. We need to talk more about their mindset and character.

All of us, at some point, have experienced considerable pressure (though the weight of a nation on your shoulders is surely an entirely different beast?). The knowledge that millions of people will be watching, pinning their hopes on you. Every decision made will be scrutinized across social media and in passing conversation. Ruthless critics will poke fun at every mistake, belittling women’s football at any opportunity. Which brings me to the point I really wanted to focus on here:

MENTALITY AND BUILDING FOR THE FUTURE

In the case of football teams, each player and member of staff needs to be absolutely committed in order to achieve peak performance. But perhaps more importantly, they need to have resilience. Ultimately footballers are human, just as anyone they’re susceptible to good days and bad ones. They experience swings in mood and form. This is where the Lionesses’ ability to face the test of adversity shone. England overcame an equalising goal from Germany in the second half of the final, by scoring the championship winner deep into extra time. In the past I’ve seen many an England side crumble in those situations. But The Lionesses stuck with it. (The moniker is well deserved).

But when I look inward, do I see that level of dedication and commitment within myself? How do I respond to adversity? Introspection can be difficult but valuable … identifying and isolating weakness or deficiency in your own character is never a comfortable task; though it is something we must do in order to grow as people and better ourselves.

That is precisely why the England women’s national football team has been a revelation. Each individual from that team possessed an irrepressible desire to do what the team needed of them without wavering. Earlier this year, I read an article on how Leah Williamson had been dealing with imposter syndrome ahead of the Euros. She talked about how there will always be critics, but after all the training, preparation and hard work; all that’s left to be done is enjoy the moment and give your all. Leah went on to lead the team to glory as Captain. And as we know – diamonds only form under intense pressure.

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email [email protected]

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Lionesses changing the gameJemima Thomas2023-12-01T12:12:45+00:00

THE BIG ‘FIVE – OH’!

TODAY’S BLOG

THE BIG ‘FIVE – OH’!

In our last edition of Spotlight (our client magazine), we had a loose theme of ‘milestones’ and some of our wonderful clients wrote about their own personal challenges and celebrations, so I’m sure that some of the content will have resonated with you.

During our planning sessions for the magazine, it was interesting to note that we talked less about ‘when’ and more about ‘what’ our own (and clients’) milestones looked like.

Whilst we make a point of celebrating ‘big’ birthdays and ‘big’ anniversaries, these aren’t necessarily the momentous occasions that mean the most to us.

For many, the milestones are educational, or career-based, or ‘stage of life’ – buying your first home, getting married, having your first child (or grandchild), clearing your mortgage, retiring, receiving care or going into a care home and of course the deaths of important loved ones.

These are the moments in our lives when we often consider all the effort it took to get there and the (often emotional) rollercoaster as we look ahead to our new ‘normal’.

That’s not to say that the traditional milestones aren’t important anymore – as one who is facing the big ‘five-oh’ later on this year, I find myself strangely serene about the aging process.

Ten years ago, the thought of becoming ‘middle-aged’ filled me with dread … but now that I’m comfortably there (!) it doesn’t bother me in the slightest.

As I reflect on my almost 50 years on this planet, I count my blessings often – my family, my health, a roof over my head, a great career. The future looks bright and I’m looking forward to doing more, seeing more and learning more.

My personal milestones are many and varied and I relish the fact that I have so many more to look forward to.

We have an ongoing conundrum here at Solomon’s – whenever we talk about ‘life is short’ there is an immediate contrast that ‘life is long’ too!

We advise clients for many decades (and often look after two or three generations of the same family) and yet through loss and grief, we know that our time here is not guaranteed. So there is always an element to our work of planning for longevity but accounting for brevity.

We cannot plan for every eventuality – our future milestones aren’t guaranteed – but we must surely seek to achieve as many of them as we can while we can.

And when I turn 50, I’ll be sure to celebrate all that I have achieved in my life to this point and embrace hope and expectation for a long and well-lived future.

Debbie Harris
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email [email protected]

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THE BIG ‘FIVE – OH’!Jemima Thomas2023-12-01T12:12:45+00:00

101 THINGS TO DO WITH OLD COINS…

TODAY’S BLOG

101 THINGS TO DO WITH OLD COINS…

There is a lot of discussion in the media about the UK becoming a cashless society and whilst I think (hope?) that this is a somewhat distant possibility, we do need to consider what that might look like in reality.

A side effect of the covid pandemic has been that most of us have got used to making ‘contactless’ payments and many of us are very happy to purchase items online, so it may be that a majority of the population won’t miss ‘cash’ too much (when/if that day comes).

My Dad (who is a self-confessed dinosaur when it comes to all things ‘tech’) has recently learned to pay for things using his contactless card, but he insists that it is worth keeping a ‘stash of cash’ in case the internet ‘vanishes’!

I should add that he also has an ‘apocalypse’ emergency survival kit just in case of a tornado, tsunami, hurricane etc (he lives in Surrey!). He was never a Boy Scout (but he was an officer for the Boys Brigade many years ago), but as a ‘Boomer’, it is part of his make-up to always be prepared and as my daughter once said “expect the impossible”! (She regularly mixes up her old adages to our amusement).

Anyway – I digress – back to cash!

So what will become of all the coins once they are obsolete? I’m sure there’s an actual answer for that – something like melting down and re-using the metals, but I think I prefer a rather more artistic method of recycling … enter the Japanese art of coin stacking!

With a steady hand and far more patience than I possess, coin stacking is intricate and mesmerising … take a look

Debbie Harris
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on our blog which gets updated every week. If you would like to talk to us about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email [email protected]

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Mill Cobham Park Road, COBHAM Surrey, KT11 3NE

Email – [email protected]
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101 THINGS TO DO WITH OLD COINS…Jemima Thomas2023-12-01T12:12:45+00:00

EVERYBODY DIES

TODAY’S BLOG

EVERYBODY DIES…

Death is an inescapable part of life. Over recent years, it has become apparent to me how important financial planning is when it comes to death. Grief is an incredibly difficult sort of sadness to grapple with. I often find when you lose someone you love, you feel as if the world should stop, as if everyone and everything should freeze but, contrary to this feeling, life goes on.

‘Money’ is possibly the last thing on your mind during those times and we hope to break down some of the financial stigmas around this; and empower men and women alike to have financial understanding and freedom. At Solomon’s we have a strong desire for both parties in a couple to attend client meetings and encourage meaningful conversations with family members. Knowing your desires and priorities helps us to tailor a financial plan just for you, enabling you to make the most of your life in the present; to be prepared for the worst; and to facilitate the ability to leave something behind for your loved ones, should you so wish.

Having known families who have had to pull their children out of private school because they can’t afford the fees any longer, and people having to leave their beloved family homes, I cannot express strongly enough how important insurance is. Whilst protection policies are not something we would usually organise for you at Solomon’s, they can form a vital part of your financial plan. We use a really good specialist firm to arrange protection policies for our clients – if this is something you need, please let us know and we will pass you on to them.

Many people have an ‘it won’t happen to me’ attitude and unfortunately that is simply just not true. These things are out of our control and so preparing for the unknown helps make transitions easier should they need to take place. It is often thought of as an expense that could be spared, but wouldn’t it be wonderful if that money spent turned out to have been ‘wasted’. In the meantime, you have peace of mind that your family will be financially cared for in the event that the worst happens. It’s not a happy thought; but it’s an important one.

Abigail Liddicott
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on our blog which gets updated every week. If you would like to talk to us about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email [email protected]

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Mill Cobham Park Road, COBHAM Surrey, KT11 3NE

Email – [email protected]
Call – 020 8542 8084

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EVERYBODY DIESJemima Thomas2023-12-01T12:12:46+00:00

A HOLIDAY IN CORNWALL

TODAY’S BLOG

A HOLIDAY IN CORNWALL…

Most mere mortals are creatures of habit – we like routine; we relish familiarity – often even our ‘spontaneity’ is planned in advance (think booking day trips whilst abroad).

This year – like every other year for the last two decades – my family is looking forward to our annual visit to a little tiny village in deepest darkest Cornwall.

It’s not just routine that keeps us going to the same place – Gorran Haven is home to several of the most beautiful beaches in the UK, rolling hills and fabulous cliff walks. The sound, smell and feel of the place is what keeps us going back there.

It has now become a tradition for all three generations of my family. At most, there have been 17 of us holidaying together – playing cricket on the beach, or boules (even swingball one year!). The kids (now all nearly adults) cannot remember not ‘doing Cornwall’ and most of them still venture into the very cold sea at the first opportunity.

I am very aware that I am exceedingly lucky and blessed to count my siblings and my parents as my friends – I know so many families who can’t take more than a few hours in the company of some of their relatives let alone an entire week; and so I do know that my situation is rather unusual.

Anyway – I digress – our annual beano now is always tinged with a little sadness as we reflect on the one very precious family member who will always be missing and also on the fact that there will come a day when the top tier generation will no longer be with us.

It’s important that we embrace all these moments when we can. And to do that in a beautiful place like Gorran Haven … priceless!

Holiday in Cornwall.blogpost. Debbie. solomonsifa.solomons

Debbie Harris
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on our blog which gets updated every week. If you would like to talk to us about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email [email protected]

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A HOLIDAY IN CORNWALLJemima Thomas2023-12-01T12:12:47+00:00

WINNING TICKET

TODAY’S BLOG

WINNING TICKET…

You may have seen that an enormous record-breaking amount was recently won on the EuroMillions lottery. That would certainly help with the inflation on your utility bills! It would seem that Joe and Jess Thwaite have picked up an oversized cheque for an oversized amount of £184,262,899.

Obviously suddenly winning a large sum of money is going to be life-changing despite what some may think, say or perhaps wish; there’s no doubt in my mind that life would change dramatically. The adjustment to sudden wealth is not easy. We see it in literature, history and contemporary culture. Few people are able to cope with the changes as well as they may have imagined.

I’m not convinced that it’s a good idea to even reveal in public that you have won. Life will certainly not be able to continue as it was. I don’t mean just the jobs that winners had, but many of their relationships will be altered.

Winning a large amount of money will provide a very large number of choices. Things that yesterday seemed very relevant are suddenly surpassed by a plethora of options. These, as ever, are reduced to spending, giving, saving and investing. How would YOU use £184m? As a financial planner, it’s a bit of fun to work out strategies for what could be achieved within the added complexity of tax rules and allowances.

It’s nice to dream a little about this sort of choice, but I suspect that you and I will not have the problem that the Thwaites’ now face. It’s unlikely that you’ll be worrying about the colour of your Learjet or your third Ferrari. There are countless luxury brands that would be all too keen to swap trinkets and toys for cash.

Yet we all have choices about how to use the funds that we DO have. In comparison to most of the world, here in the UK most of the population are ‘rich’. Our choices, however insignificant they may seem, are likely to be envied by billions of people around the world. We may bemoan the standard of service, waiting times or general ineptitude we receive from various organisations, but we are in fact rather lucky to be living at a point in history when we can do so.

The truth is that we all have choices about how we spend, give, save and invest, though it may not feel like we do because living in the UK is expensive. The average house in the UK was £278,000 in March 2022 according to the ONS, up 9.8% over 12 months (but slowing). London averages are an awful lot higher than this … and if you google SW20 8BT you will see that the approximate price of a residential property in Edna Road (where our office is currently located), is about three times the national average!

Our choices are therefore often governed by our location. We have clients around the country and it is remarkable just how differently property is valued. Many have to live and work in a specific area, some do so to maintain relationships more easily, there’s a plethora of reasons, but these are choices. Whilst you and I may never have the choice of how to use £184m, we do get to make choices each day. Money should serve, not be served; so to my mind – how it is used, deployed and shared, is rather more important than the toys I can buy with it, as nice as some of them may be.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email [email protected]

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Mill Cobham Park Road, COBHAM Surrey, KT11 3NE

Email – [email protected]
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GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Mill Cobham Park Road, COBHAM Surrey, KT11 3NE

Email – [email protected] Call – 020 8542 8084

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WINNING TICKETJemima Thomas2023-12-01T12:12:49+00:00

70 years – a Jubilee

Jemima Thomas
Jan 2023 • 4 min read

70 years – a Jubilee

We have spent the weekend reflecting on our Queen’s 70 years of service as monarch. An achievement that none of us will see repeated, barring the awful prospect of life being extended dramatically by new medication. HRH Prince Charles is 71; a reign of 70 years would make him 141. HRH Prince William is 40 later this month and so would have to live until at least 110 and would need to become King immediately (for the maths to work).

It is an achievement of longevity. The ONS data for England implies that the average life expectancy of a female aged 96 is another 2.8 years. A male now 71 has an average 16.23 years, whereas a male age 40 has an average 43 years remaining. Mortality statistics are most definitely all about survivors and it may strike you as a little odd that someone aged 40 appears likely to not live as long as someone aged 84. This has the really awful description of ‘mortality drag’ – the statistical reality of “the older you are, the longer you live”. Evidently the Windsor family have some above average advantage of longevity, with HRH Prince Philip living to age 99.

THREE FUTURE KINGS

You probably saw images of the balcony at Buckingham Palace of future monarchs ranging from age 8 to 71. I paused to reflect on the reality of this … most of us have not been in the same ‘job’ for 70 years, and none of us have been waiting for it to start for 71 years! Most of our clients are eager to retire and thereby determine how they set the agenda for each day rather than being held to account for a daily commute, however brief. Imagine having been in training for a role for 71 years.

Irrespective of views about monarchy in 2022, I think it fair to say that we have been witness to a unique milestone, a theme that we discussed in the latest edition of Spotlight (let us know if you have not received your copy yet). In theory we know who the next three Kings will be, whether they all eventually become King is another matter entirely. As much as I like to plan and help you to do so, I am glad of uncertainty and not having a life mapped out from the cradle, with rather limiting choices.

70 years of public service is an enormously big deal. The only people that I suspect may achieve similar lengths of service in their ‘career’ are those in religious orders; and however much the State Pension is mucked around with by politicians, it’s worth noting that working for precisely half that time would entitle you to a full State Pension. You would obviously require rather more than the State Pension to run a Palace, but mercifully we don’t have to worry about that problem – although your most recent energy bill may have you wondering if you are.

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email [email protected]

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70 years – a JubileeJemima Thomas2023-12-01T12:12:49+00:00