Janea Bellay

IN THIS ISSUE:

• Develop a Retirement Vision
• What you will get from Janea Bellay as your Financial Advisor

 

Develop a Retirement Vision

If you don’t know where you are going, you will probably end up somewhere else.

—Lawrence J. Peter

When most people think of retirement, they imagine leaving a job they’re tired of, getting out of the rat race, and leaving the pressures of employment behind. Often retirement is viewed as a reward for time in the workforce and a benefit of successful financial planning.

But retirement is so much more than giving up a job and relaxing. Retirees are entering one of the most exciting and challenging stages of their life. It can be a time to draw on personal and professional experiences to open new doors of opportunity and education. It can be a time to realize their potential and accomplish goals previously delayed by careers and raising a family.

Although the opportunities are endless, a successful retirement doesn’t come without its hurdles. There are many things to consider in order to get it right, such as living on a reduced income, creating a health and wellness strategy, and evaluating relationships. Also important is the allocation of personal time, determining living arrangements, and recognizing the change in social roles. There is also the unfortunate but necessary adjustment to the eventual death of loved ones.

During the first days, weeks, or maybe even months of retirement, people often experience a blissful honeymoon-like feeling. No boss, no job, no worries! Just time to sit around and do whatever crosses your mind. During this period, people generally have little motivation to plan for the future.

But as the honeymoon period winds down, a number of newly minted retirees report a feeling of disenchantment. Retirement no longer feels like an extended holiday. Time begins to weigh heavily on their shoulders. Playing golf five times a week begins to feel like a chore. Projects around the house lose their appeal, and there can be a feeling that causes retirees to ask the question, “Is this all there is?” Frustration and disappointment can mount as some retirees get caught in this vortex and are unable to get out.

The life we lead is a result of the choices we make. That means in pre-retirement and retirement years, it’s important to make the right choices—ones that build a fulfilling and energized retirement. The majority of successful retirees recognize the power of creating a realistic retirement vision and an action plan to achieve it. Armed with this mental model, they are able to make sound choices and progress toward their desired results.

WHERE I COME IN, AS YOUR ADVISOR

As an advisor, I am in a unique position to assist you in formulating a clear and focused retirement vision. And NOT just financially. In a way, I act as a coach and prepare you for the next phase of your life. It is equally important for you to consider how you will spend your time as it is for ME to know how you will spend your money.

I begin by encouraging you to take time to visualize what the word “retirement” means to you. What is it that attracts, scares, or excites you?

You should write out a description of your retirement life. What are you doing? What are you accomplishing? You need to be as descriptive as possible and should consider the following questions:

In retirement:

• What makes me happy?
• How much money do I have?
• What possessions do I own?
• How am I spending my time?
• Who is in my retirement picture?
• How is my health? How do I feel?
• How are my relationships with my spouse or partner, children, other family members, and friends?

 

You should imagine yourself in your first six months of retirement, then at one and two years out. Visualize yourself at the end of your retirement when you are 90, 95, or 100+. What are you most proud of? What have you done that has brought happiness to yourself and to others? What legacy will you leave behind?

Most of us know some people who have made a successful retirement. What is it about those people that you admire? Is it their family relationships, their energy and enthusiasm, or perhaps their overall sense of well-being?

Think of those challenged by retirement. In your  opinion, what are you doing or not doing that makes them less successful? Is it the exorbitant amount of time they spend watching television, their lack of adventure, or possibly a sense of helplessness toward this ever-changing world?

Once you have recorded a well-thought-out retirement vision, you should share it with a partner or spouse, close friends—and of course with myself, your advisor. This process of sharing will provide different perspectives and help shape the final vision.

Optimism is key throughout the retirement visioning process. You need to focus on the rewards of a balanced retirement, and on the feeling of being complete, enriched, and financially secure. Retirement visions should be reviewed and rewritten as often as necessary, until the vision feels right and is in line with what you want, need and believe.

Each meeting, we should review your retirement vision and review what is working and what is not. I can then identify changes if needed and help you develop ideas and solutions.

FOR EXAMPLE

Frances, a busy 63-year-old supervisor, is employed with a major manufacturing company. Though for years she contributed to her retirement savings program, retirement wasn’t part of her everyday thinking. It was just something that would happen down the road.

Recently as Frances’s financial advisor, I encouraged her to visualize retirement. Together we explored her needs, wants, and beliefs. As a result, Frances began to visualize what she wanted from retirement. She imagined herself getting back into tennis, being fit, and exercising regularly. She visualized herself volunteering and giving back to her community. Frances began taking the first steps to building her retirement future. And with my help, we can make sure she accomplishes all of her goals.

Frances is very satisfied with the understanding and assistance she received from myself, her advisor.

Financial management is a large part of the retirement picture, but it is not everything. Listening to what you want to accomplish and your goals and needs are equally important and need to be taken into consideration.

What you will get from Janea Bellay as your Financial Advisor

Investment discipline.  Money is an emotional issue, and perhaps the single greatest benefit to using a financial advisor is my independent, impartial advice.

Experience.  Imagine what it’s like to spend your day working with clients, and talking with them about their financial situations. Over time, I develop a base of experience that enables me to steer you through various life stages and business cycles. Whether it’s saving for retirement or a child’s university years; whether you’re starting a business or dissolving one – I can help.

Balancing risk and reward.  I add value in many ways that do not show up in your portfolio statements. For example, I can prevent you from taking on undue risk or point out your self-destructive investment habits. The flip side of controlling risk is ensuring that you do take some risks so you are positioned to participate in good opportunities, particularly in equities.

The value of time.  I enable busy people like yourself to focus on their careers and families.

Tax efficiency.  I can help you maximize your investment returns by keeping you abreast of tax rules and learning about tax-efficient products offered by fund companies.

Consolidated information.  I consolidate massive amounts of financial information to help investors stick to the basics (such as diversification) and watch the details (such as avoiding overlap in fund holdings).

Referrals.  I can put you in touch with other financial services providers, such as tax and estate specialists.

Financial advisors help investors avoid emotional decisions and mistakes that occur during exuberant or difficult markets. I do this in the following ways:

• Systematic investment: Fixed, monthly investments into a fund (e.g., $500/month) allow investors to buy more units when prices fall and fewer units when prices rise. This can smooth out volatility.
• Plan: When I provide a plan, I often specify an asset allocation that is suitable to the investor’s needs (for example, 40% fixed income, 20% cash, 40% equities). So, if a certain category falls, I meet with you to rebalance to keep categories at their target weights. This provides a discipline that can help investors through difficult markets.
• Sounding board: I provide a “big picture” view of a portfolio. At times, certain elements of the portfolio will perform better than others, but those different performance patterns combine to produce a smoother overall experience. That’s the goal of proper diversification.
• Staying the course: When markets are volatile, many investors panic and head for the exits. Oftentimes, that’s exactly the wrong time to sell. I can talk through what’s happening in the markets and help you stay the course.

Janea Bellay, Your Insurance & Investment Advisor

 

Contact my office today, I am happy to help you envision your Financial Plan!

Janea Bellay

Performance Financial Services Inc

217-3501 8^th Street East

Saskatoon, SK S7H 0W5

Tel: 306-281-3891

janea@performancefinancial.ca

 

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Questions or comments? E-mail us at janea@janeabellay.com or call 306-281-3891.

LEGAL DISCLAIMER

Janea Bellay is an independent self-employed insurance and investment representative, licensed to sell insurance and investment products and services through Performance Financial Services Inc. This is an independent MGA brokerage, and part of the United MGA Group of Canada. Mutual funds are offered though Desjardins Financial Security Investments Inc. Commissions, trailing commissions, management fees and expenses may be associated with mutual fund investment. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. The information in this article is not intended nor should it be considered as providing specific legal or tax advice. Individuals should consult with their individual advisors to ensure that any information is applicable and appropriate to their specific situation.