New York Life Insurance Retirement Plans: Retirement can seem far in the future, but with some planning when you’re younger, you’ll be set up for success in your golden years. While your employer may offer some retirement plans, you’ll also want to consider contributing to your supplemental policy as well. That is where New York Life insurance retirement plans come in.
Working with a major insurance provider like New York Life can help protect your nest egg and guarantee you income long after you’ve left the nine-to-five workforce.
Why You Need Retirement Planning Beyond Your Employer
Many companies offer employees 401K matching programs to help save for retirement, which is a great start. However, putting all your eggs in one basket can leave you vulnerable. Factors like job loss or changes to employer programs can drastically impact your savings.
A personal retirement plan acts as a safety net in case anything interrupts or decreases your other accounts. With an experienced partner like New York Life guiding the way, you’ll have access to retirement products even if you switch jobs or lose your source of income temporarily. Their agents can help establish a strategy that works for your financial situation.
The New York Life Retirement Plan Options
New York Life is one of the oldest and largest mutual life insurance companies in the United States. Founded in 1845, they have over 170 years of industry experience and currently hold over $600 billion in assets under management.
From life insurance to retirement products, their extensive knowledge across product lines uniquely positions them as a leader capable of crafting customized retirement plans to help you reach your goals.
Planning for retirement isn’t one size fits all. That’s why New York Life offers a variety of options based on what you need.
Some of their retirement offerings include:
Fixed Annuities – An annuity is an insurance contract that provides steady income either immediately or sometime in the future. Fixed annuities allow your principal to earn interest at a guaranteed rate, regardless of what happens in the stock market. This product offers tax-deferred growth and lifetime annuity payment options that can supplement other retirement savings.
Variable Annuities – Variable annuities differ from fixed in that your funds are invested in bonds, mutual funds, and stocks. This allows for the potential to outpace traditional fixed annuities depending on how the investments perform. Working with an advisor will help you choose options aligned with your risk tolerance. Variable annuities do come with contracts and fees, so weigh alternatives before assuming this strategy.
Indexed Annuities – These annuities balance both worlds, offering a percentage of growth dependent on a market index each year with a floor in place should the index perform poorly. Upside potential without downside risk makes it a more conservative annuity product appealing to retirees averse to the idea of losing any hard-earned savings.
Life Insurance Retirement Plans – Permanent life insurance like whole and universal life policies can be used as part of a retirement strategy as well. These policies build cash value alongside the death benefit, allowing policyholders to take loans or even withdrawals later which won’t disrupt coverage for heirs. Using dividends and other riders, a retirement income is built using the guaranteed growth of the policy’s cash value itself.
How to Maximize with New York Life Retirement Savings
No matter your current age, working with experienced New York Life representatives positions you now to realize your goals later.
Using their advanced software and calculation tools, agents actually quantify your ideal savings needed to maintain your standard of living.
Disability insurance helps replace lost income should you become hurt or sick while long-term care protects your assets from being drained to pay medical bills. Their proactive planning leaves nothing to chance.
Their agents can also keep you disciplined about funding your retirement accounts. Consistent, compound growth over decades works wonders thanks to dollar cost averaging. Making automatic contributions toward New York Life annuities or cash value life insurance maximizes time available to grow money before touching it at retirement. They handle scheduling all deposits and transfers behind the scene.
You can simply provide payment info once allowing everything to run seamlessly moving forward. Their hands-on assistance extends throughout the entire process so you accomplish savings objectives quicker.
In addition, New York Life optimizes plans to limit taxation. Utilizing IRA accounts, properly allocating funds across investment types, and taking advantage of tax loss harvesting lowers what the IRS takes in fees and taxes so more money ends up in your pocket.
Why New York Life Leads the Way
While saving is vital for a comfortable retirement, keeping those hard-earned assets protected is equally as important.
New York Life’s retirement planning doesn’t stop simply at growing your money. Their advice on distributing savings to maintain government benefits, establishing reliable income streams, and transferring wealth to heirs safeguards what you’ve worked diligently to accumulate well into your golden years and beyond.
Creating Income Certainty in Retirement
Between Social Security, pension plans, annuities, 401Ks, IRAs and more, myriad income sources must be coordinated providing steady payments covering expenses during retirement. Agents run calculations depicting precisely how to tap each account, in what order, avoiding overpayment penalties to maximize sustainment of your lifestyle with minimal financial anxiety.
Asset Protection for Long-Term Care Needs
Even the best savings strategies can prove ineffective once long-term care emerges. New York Life has many policies covering home health aides, assisted living, nursing homes and more so families keep their wealth should chronic illness arise.
Long-term care insurance funds medical costs rather than forcing liquidation of your assets built toward inheritance wishes.
Estate Planning and Wealth Transfers
The agents also guide estate planning based on retirement savings goals. Proper beneficiary designations on financial accounts along with wills and trusts crafted by specialized legal teams provide peace of mind knowing death won’t create family turmoil.
Heirs receive what is rightfully theirs in the most tax-efficient manner possible. While end-of-life considerations seem grim now, acting early equates to seamless transitions later.
Conclusion on New York Life Insurance Retirement Plans
Planning for a secure retirement takes forethought, discipline, and the guidance of experts. New York Life has demonstrated immense capability on all fronts for over 170 years.
Trust New York Life to put you on the right path toward retiring comfortably on your terms. Their proven history says it all – with their retirement planning expertise in your corner, your dreams of life after work can actually become reality.