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VOL 1, ISSUE 1
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JUNE 2020
Bimonthly Newsletter from VM Pensions Management
WELCOME TO OUR FIRST ISSUE!
Give Dad the Gift of a Lifetime
Dads always make sure everyone else is ok. How about making sure dad is all set for retirement?
PLANNING INSIDE A PANDEMIC: Prepping for the future in uncertain times.
Give Dad the Gift of a Lifetime J
une is the month we pay special attention to the fathers in our lives. It’s a time for gifts and tokens of appreciation. Okay, so sometimes they aren’t quite as splendid as the outlay for Mother’s Day, but they convey our genuine affection just the same. This year, we think it could be a good idea to give a gift with lasting value that doesn’t cost you anything, a gift that keeps giving even when Father’s Day is long behind us – the gift of making sure dad is all set for retirement. A good rule of thumb is to aim for a retirement income of at least 70% of whatever we’re currently making. However, research shows that only 10% of Jamaicans are properly prepared to live the life they want after their 9-to-5 ends. Chances are your dad could use some assistance, although it’s also quite likely he may be reluctant to admit it.
HAVE A CONVERSATION The first step is to have a conversation about it. Let your dad know you want the same for him as he’d want for you – to ensure his needs are taken care of when it matters most. If he has a plan, now is the time to get the details. If he doesn’t, ask about his goals. How does he envision his post workaday life? Write
them down – start a journal. Add pictures to make it more interesting. For some, this will be the hardest part, but if you’re able to get the conversation going, it could mean the difference between a stressful retirement for him and a stress-free one.
FIND OUT WHAT’S IN PLACE Next, find out what he has in place now, including pension contributions at work, savings, investments, insurance policies and any relevant assets. All of it will go toward achieving those goals you’ve talked about. Take a look at any certificates or documentation and add the information to the journal. If his goals include a new income stream, like starting a business or monetizing a hobby, make note of them as well. Decide on a figure or a range for the income that will create the post-work lifestyle he wants. Discuss timelines with him as well. When does he want to retire? What about the other milestones, when does he want those to happen? How long will it take to get the business started? Put it all in the journal. Of course, if your dad has a partner, especially if any of the finances are joint, you’ll have to include their plans and their information as well.
Armed with the journal, the vision and the plan for retirement, it’s time to reach out to a Pension Administrator. Since you have the journal, your initial conversations may not need to include a parent. Discuss the options in broad strokes, with enough room for you to go back and have a conversation about possibilities with your father.
Talk about adjustments or sacrifices that might need to be made; rebalancing of portfolios and any other changes necessary to make the goals happen. This is where you both agree to a general idea of the plan of action. Put this rough draft of the plan in the journal, then set a meeting with everybody and your Wealth Advisor to nail down the details.
check on you and let them know. Think about who would be able to provide support if you get sick. Keep those numbers handy. Mental health, and its importance to our wellbeing, has been getting more attention as more people have found themselves spending an unaccustomed amount of time in isolation. Exercise, ration your news intake – seriously, and get outside for at least 30 minutes each day. Maintaining your peace of mind makes for good decisions and helps ensure you’ll survive this period.
If you live alone, pick someone to
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Now is also a good time to think about what to do if someone in your household actually gets the virus. Designate a ‘quarantine’ bedroom now – and a bathroom if possible; it will be one less thing to figure out if the crisis hits home. Do a little research to find out the best way to do it. WebMD.com is a good place to start.
CONT’D.
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Prevention is the first item on the agenda. Hand washing, face masks and social distancing are now part and parcel of the new normal; and practicing them faithfully today will ensure you’re here to enjoy a happy post-9-to-5 life when it comes. Staying informed as scientists learn more about the virus is also an important of staying safe. As new information becomes available, use the guidelines to stay protected.
Future proofing your career might not be an option for everyone; but examine your situation to see what’s possible for you. Take a look at industry developments and forecasts to see what you might expect down the road. Audit your talents and skillsets to see if there are any other jobs you might be able to do if needed. You could be a 2-week course away from being able to pivot and create a new income stream.
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As the coronavirus pandemic continues to touch cities across the globe, it brings with it an unprecedented level of health awareness. This is most acute for seniors, with 8 out of 10 deaths occurring in people over age 65. It’s a strong reminder of the importance of health considerations now and as part of any plans for the future.
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Planning Inside a Pandemic
If you don’t have financial coverage, now is the time to get it. You may be hale and hearty now, but the cost of health insurance increases as you get older, as does the likelihood that you’ll need it. If you need something more affordable, start with basic coverage and be sure to add major medical coverage when you can.
Planning Inside a Pandemic
it’s via video call) and change the things we can. In a time when there is so much we cannot know; one thing is certain: this too will pass. Life will go on. In the meantime, plan and prepare so that, when the future gets here, you’ll be ready.
MEET THE TEAM
The COVID-19 virus is a reminder of the interconnectedness of the global population. It continues to affect all of us, possibly in ways that are yet to be seen. In the midst of uncertainty, there is power in the present moment. We can take care of ourselves, stay in touch with loved ones (even if
CONT’D.
H E A LT H & W E L L N E S S
10 All-Natural Ways to Stay Young Hello, fountain of youth! Here’s how to stay young according to the pros—while boosting brain power, squashing stress, and smoothing skin.
Judi-Ann Marzouca MANAGER Pensions Administration
Ms. Judi-Anne Marzouca joined the Victoria Mutual family in May 2013 when Prime Asset Management was acquired by Victoria Mutual Building Society. Ms. Marzouca has over two decades of experience in the Pensions industry, starting at Life of Jamaica, where she quickly moved up the ranks to become Manager, Pensions Department. She then spent a decade providing topnotch management services to a family-owned business, helping the company surpass its targets to achieve annual market growth. She has a Bachelor of Applied Arts, Administration from Ryerson University. Ms. Marzouca has also completed certificate courses in Project Management, Portfolio Management, Jamaica Securities, Total Quality Management and Mastering Transition. Ms. Marzouca is an active member of the St. Thomas Aquinas Church, involved in education outreach and fund raising. An avid plant and animal lover, she enjoys music and dance of all genres.
1. Give yourself a break
What does retirement look like for you?
2. Consume more fat 3. Get off the couch
Preparing for Retirement
Watch the video
4. Feel the love 5. Drink red wine 6. Do yoga
T E R M S YO U S H O U L D K N OW
7. Bite into a superfruit 8. Sip green tea
Vesting
9. Slather your skin with supplements 10. Do mental aerobics Excerpted from an article by Marisa Fox and Jené Luciani. Read the full article here: www.shape.com/lifestyle/beauty-style/howto-stay-young
VM Pensions Management Ltd 73-75 Half Way Tree Road Kingston 10, Jamaica
VESTING is a period of time during which the member is entitled to the employer’s portion of the contribution made on his/ her behalf, in the form of an annuity on retirement. Even if the member is no longer working for the employer, the member may leave his/her contribution in the fund and be entitled to a benefit consisting of his/her contributions and the employer’s contribution accumulated with interest, paid as a monthly benefit as determined by the Actuary at retirement.
Tel: 876-754-7265 Fax: 876-754-8359 Email: pensions.info@myvmgroup.com