Changing of the guard

Dominic Thomas
Dec 2022 • 5 min read

Changing of the guard

I know that football isn’t everyone’s cup of tea, but it often provides useful metaphors. Whether you love or loathe it, I suspect that you have heard the name Cristiano Ronaldo, who is one of the sport’s true superstars, with a career that has made him extraordinarily wealthy as his prolific goalscoring has resulted in team successes and trophies. At the age of 37 he is representing Portugal at his fifth World Cup (starting in 2006). His latest contract pays him £26m a year.

Yet on Tuesday evening, he was left ‘on the bench’ and watched as his team beat the Swiss 6-1 with a hat-trick from his replacement, Ramos some 20 years his junior. Few of us will contemplate retirement at 37, but in sporting terms, that is ‘getting on a bit’. Ronaldo and his many millions of admirers will have mixed feelings about seeing someone else take centre stage and provide an extremely good performance that threatens the possibility of Ronaldo’s normally guaranteed place in the starting line-up for the next match against Morocco on Saturday for a place in the semi-final. Those who know football, will observe that this is a normal experience for all players but rare for the superstars of the sport, but something that Ronaldo has only recently begun to experience at his club (or no longer his club).

PLAN, PURPOSE, PREPARATION

There is no obvious way to prepare for retirement, for some it is a very sudden change of pace and evokes questions about purpose and meaning, for others there is a sense of relief, as though a great burden has been lifted. A recent webinar presented by researchers from academia, has found that most retirees are not very well prepared for the transition. Whilst finance and having enough money is a significant element of retirement, it certainly isn’t the sole consideration.

Researchers found that most people do not consider how a change in health may create problems where they live, if they are unable to drive, use public transport or have a hospital reasonably nearby. They also pointed to the underappreciation of social contact and community and how a once pleasant ‘get away from it all’ location becomes increasingly isolated from valuable personal connection.

One question that seems to be understood and answered differently in different countries is “when does middle age end? And when does old age begin?”. This reminded me of a clip that I saw recently in which it was argued ‘middle aged’ is between 35-50, being typically the mid-point in most people’s lives…

65 IS THE NEW 45…

Often, we hear “you are as old as you feel” I’m not convinced by that, but I do think having connections, community involvement, friends and family all help make life invigorated and outward looking. Pop star, material girl, Madonna will turn 65 in August 2023 (next summer) and if she had been a UK resident for long enough, paying her NI, would be eligible for her State Pension in 2024.

As for people who have already turned 65 in 2022 – Stephen Fry, Jo Brand, Nick Faldo, Jayne Torvill, Frank Skinner, Timothy Spall, Daniel Day Lewis, Siouxise Sioux, Fern Britton, Dawn French, Billy Bragg and Steve Davis are all part of the cohort that will collect their State Pension at 66 in 2023. As for Ronaldo, if he was eligible to claim a UK State Pension, under current rules he could do so when he is 68, which is in 2053, some thirty years time during which he would see a further seven World Cup tournaments.

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 info@solomonsifa.co.uk

BACK TO ALL BLOGS

Changing of the guardJemima Thomas2025-01-21T15:50:46+00:00

JUST THE FACTS?

TODAY’S BLOG

JUST THE FACTS

One of the big electronic billboards that I pass on the way to and from the office has an advert for a London radio station with the strapline “Just The Facts – Headlines Every 20 Minutes”. I’m not against facts, quite the reverse, however they are never in isolation (unlike many of us now).

The facts are truths, but they always require a context. We know this of course, but in an age of constant bombardment of anything either audio, visual or both we are so assaulted by a stream of imagery that we are often left to engage with it in its rawest and poorest form – without a context.

We are all deeply concerned, alarmed and bewildered at some of the scenes we have witnessed lately, particularly in the supermarkets. Then of course there are the stock markets where the same panic has been rife. The incredible thing about this is the speed at which society seems to implode.

DO YOU BELIEVE WHAT YOU SEE?

However, as of right now, I wonder if my last sentence is even vaguely true. Society has not imploded, people that I interact with on social media, peers, clients, industry bods, anyone, all seem to have the same bewilderment. They also have the same determination to do what they can to help each other, the exact opposite of the majority of the images we see.

I SEE ALIVE PEOPLE

I am a huge believer in people, in my time I spent many years leading youthwork in my free time. The thing I like about young people is that your input has fairly prompt results and they have a longer future (hopefully) ahead of them. Whilst for a teenager, everything feels like an eternity, it’s all over within a few years. The picture above was taken in the summer of 2007, (that’s me in the corner on the phone) when we took part of the youth group to a festival. Two of them are both due to get married this summer. We’ve been invited but sadly one, perhaps both of them might need to rearrange or adjust their plans given the current pandemic. I’m sure that is disappointing, frustrating and possibly expensive, but they are robust and happy together, more focused on the years ahead together than on the first official day…

COMMUNITY RESPONSES

The road I live on has just started a WhatsApp group. It goes without saying that some of the residents had never heard of WhatsApp. We moved to the area nearly 4 years ago and know a handful of people around us, but suddenly we have all been introduced to each other. Call me sentimental, but I think that’s rather a good thing – the premise has been to help those most impacted and vulnerable with shopping and so forth, but I dare say it will be rather more far reaching.

ALL IS NOT LOST – LOOK AHEAD

So, the markets have fallen. We have all “lost money” (we have not lost money, the value of the assets we own has temporarily reduced – that is all). This is uncomfortable, I don’t wish to understate the problems, but there are already lots of positive and encouraging signs – you just need to look in the right places.

I’m here, still minding the fort and building the bridges and looking forward to tomorrow. Feel free to get in touch, comment, ask a question, pick up the phone or ask for an online meeting. I will do my best for you.

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 info@solomonsifa.co.uk

GET IN TOUCH

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

Email – info@solomonsifa.co.uk
Call – 020 8542 8084

7 QUESTIONS, NO WAFFLE

Are we a good fit for you?

Take Survey

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GET IN TOUCH

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

Email – info@solomonsifa.co.uk Call – 020 8542 8084

7 QUESTIONS, NO WAFFLE

Are we a good fit for you?

Take Survey

PRIVACY POLICY | DATA PROTECTION

JUST THE FACTS?Dominic2023-12-01T12:13:21+00:00

INVESTORS NEED A POSITIVE OUTLOOK

TODAY’S BLOG

INVESTORS NEED A POSITIVE OUTLOOK

It may sound rather churlish, but it is true that investors need a positive outlook. There is little or no point at all investing if you believe that everything is getting worse. This is a feeling that becomes familiar with age, everything often seems to be getting worse, primarily because we are fed a diet of fairly dreary news stories and have a growing awareness of our inability to simply change the world or certain people.

Whilst I would not want you to think that everything is good or “fine” life is certainly much better for the most people on earth than it was say 100 years ago. The planet has a population north of 7 billion people and roughly 6 billion of them are, on global terms “doing ok” or better than “ok”. There are extremes of poverty and wealth of course, but there are a lot of people between those extremities. May I encourage you to have a look at gapminder.com for more detail about this

SOLOMONS IFA BLOG fiddler-on-the-roof-poster

Things are improving, but they could be better

Investors need a positive outlook, precisely because you are investing in the future, in that future, improvements will be made to the standard of living and innovations to improve our lives. Yes there are obvious problems that need addressing – fosil fuels, climate change, plastic in the oceans, but these and many other problems are solved by innovation. Innovation leads to patenting good ideas. Patent applications are in one sense evidence of good ideas that then require finance – capital…your investment.

Fiddler on the Roof

The musical “Fiddler on the Roof” has returned to the West End of London. Most of us know it from the 1971 film starring Topol and perhaps the most familiar song “If I were a rich man”. It is set in 1905, a touch over 110 years ago. Tevye the milkman with his wife Golde and their five daughters live in Anatevka, Russia. The Jewish community coexist with the locals, but it is evident that this is a fragile relationship. They have the richness of a community and its rich traditions, yet life is evidently a struggle for them all.

It is interesting to compare what in 2019 someone in poverty might consider to be the trappings of wealth and what money could afford them to do, be and have. As for Tevye, his dream is of a house with 3 staircases (one going nowhere just for show), a wooden floor, to have some servants and not need to work. He would be respected and afforded time for spiritual reflection. By our standards today, Tevye has very little, in just over 100 years the standard of living for the typical milkman has risen considerably. We forget how much improvement has been made simply because we caught up by the present and trying to keep up with the future. We forget all the time. Investors capitalise on the momentum of human endeavour and a continual improvement in all things, many of which we do not yet even know we want.

Fiddler on the Roof is showing at The Playhouse, right next to embankment tube. Here is information – book an aisle seat if you are taller than 5’8” the legroom is poor, but the show is magnificent. See The Playhouse for tickets.

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 info@solomonsifa.co.uk

GET IN TOUCH

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

Email – info@solomonsifa.co.uk
Call – 020 8542 8084

7 QUESTIONS, NO WAFFLE

Are we a good fit for you?

Take Survey

PRIVACY POLICY | DATA PROTECTION

GET IN TOUCH

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

Email – info@solomonsifa.co.uk Call – 020 8542 8084

7 QUESTIONS, NO WAFFLE

Are we a good fit for you?

Take Survey

PRIVACY POLICY | DATA PROTECTION

INVESTORS NEED A POSITIVE OUTLOOKDominic2023-12-01T12:17:28+00:00

More thoughts on Brexit

Solomons-financial-advisor-wimbledon-blogger

More thoughts on Brexit

I have spoken to a number of clients, all of whom expressed great sadness at the outcome of the EU referendum. I’m sure that some of our clients voted to leave for very good reasons (such as the EU being a huge bureaucracy that seems unwilling to change its ways). If you could cut through the bile of the media and politicians, then there was a debate to be had. Sadly, many are ill-informed about the actual issues, facts, experts, historical context and any sense of idea about what the impact really might be.

Many are still deeply distressed about the result, because it feels wrong. It feels as though something has been stolen from us all. Our nation, which is one of the most tolerant and safest places for anyone to live, has appeared to give the impression that we simply don’t care about others any more. We have had enough… “we want to take our country back”.

I am one of those that is deeply angry. At times, I have lost the internal conflict and said some things which probably doesn’t help. I apologise. I have been fed up that most of the commentary within my sector is written by white men, who are fairly wealthy and have little experience of racism in person and because they don’t see it, assume its not very bad.

Another stereotype – give me a badge

I am deeply concerned about the way that the far right appear to have been given permission to behave in a manner which feels like a threat to the core of this country, or what I think this country is. I have watched and read in dismay at stories and videos of some horrible incidents. There is an air of menace, interrogation and intimidation. As a large, bald, white male, sadly I appear to match the general stereotype of a thug. I feel the need to wear a badge that says the equivalent of “I didn’t vote for this, I don’t want you to leave, you are safe with me”. What I still fail to understand is why so few seem so unwilling to recognise that this was always the likely outcome. People that I respect and admire greatly, of all creeds and ethnicity.

I know full well that Westminster has condemned racist acts in the past, and did so again yesterday (Monday) but to be blunt, lots of white middle class men (largely) invariably move their lips to a soundtrack that seems at odds with their actions. However “good” a Prime Minister David Cameron has been (which is of course subjective) he was the one that agreed to run the referendum and its result has created this deep state of unease.

We have clients from all backgrounds. We have friends, colleagues and neighbours. Many are deeply worried for their future because of the newfound “courage” that fascists have been handed with a vote to “leave” for which they read – tell everyone to go (it seems). We have to stand up against this, not afterwards, but in the moment, during. If that is a frightening prospect, well that’s the practice of standing in another’s shoes and what it means to stand against racism.

Yes there is a reason…

I understand that most of these people are poor, often poorly educated, a product of their circumstances and if they are constantly told that they are worthless they tend to believe that lie until someone else, proclaiming nationalistic values, provides a form of antidote with a sense of identity. However this is no excuse, just an explanation.

So however you voted, the reasons why those of us that voted “remain” were invariably beyond the mere numbers of costs, economics and bureaucracy. We know that immigration needs careful controlling, we know that integration could and should be far better than it is. But we also know that we are all lucky to be born here, which is all it is, a random roll of the dice.

Business is more than money, its also community

Perhaps this is not the place to talk about “my feelings” after all, I run a business designed to serve you to make better financial decisions. However to be candid again, the financial planning I do, that works best is all about personal values – yours (and mine) and invariably the money is the least important bit. If my job is simply to protect your wealth, then frankly this is also a part of that.

and here is an oldie… The Power of One.

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 info@solomonsifa.co.uk

More thoughts on BrexitDominic2025-01-21T15:43:59+00:00