New York Life Insurance Company: Protecting Your Family’s Financial Future

The current state of the economy is understandably a cause for concern. While everyone’s situation is unique, we offer the following suggestions for you to keep in mind as you review your family’s financial plans.

Preserve Your Future Assets
Unless absolutely necessary, you should not tap into assets and resources set aside for future use in an effort to address current challenges and expenses. Early withdrawals from IRAs and other qualified plans often bring costly taxes and penalties. Moreover, you can never recoup the time you’ve spent saving for retirement. If you start using the dollars that you’ve been accumulating for years, you may find it difficult to replenish those savings and you will have fewer assets working for you when the markets rebound.

Maintain a Diversified Portfolio
All types of financial assets – life insurance, savings accounts, CDs, annuities, bonds and stocks – perform differently in different economic climates. Maintaining a broad portfolio mix (that is, “not putting all your eggs in one basket”) can help dampen the effects of market fluctuations or problems in any single area.

Don’t Chase the Latest Financial or Investment Fads
History has proven that acting on the latest “hot” financial tip usually produces dismal results in the end. Take the time to regularly review your financial plans with your agent or advisor to ensure they continue to meet your needs and objectives – but don’t hastily abandon what you have to blindly follow the crowd in another direction. And don’t listen to people who try to forecast market movements. They don’t know!

Manage Your Risk Carefully
If you take on too much risk when the markets are soaring (when everything looks safe), you are exposing yourself to sizable losses when the markets decline, making it very difficult to stay the course and ultimately achieve your long-term investment goals. When planning for retirement, many people choose to balance the inherent risks of investment products with other financial products that offer guaranteed income upon retirement (such as Guaranteed Lifetime Income annuities). Regardless of what products you ultimately purchase, be sure to check the financial strength rating of the company you are buying from.

Keep a Long-Term Perspective on Your Financial Future
It is important to remember that markets are cyclical: They go up…they go down…and they go up again, bringing feelings of both optimism and pessimism for investors. Rather than react to each swing of the market, it is usually appropriate to stick with a carefully considered long-term strategy, especially when it comes to your retirement and other long-range needs. Your New York Life agent can help you select from a number of products that have withstood the test of time and bring a measure of safety, so you know your money will be there when you need it – even if that is decades from today.

Call upon the Knowledge of Your New York Life Agent
As a New York Life customer, you are not alone when it comes to planning for, and protecting, your family’s financial future. We stand ready to assist you in any way we can – and your New York Life agent is just a phone call away. He or she is most familiar with your particular situation, plans and objectives. And when you do business with one of our representatives, you can be confident that you are working with someone who is held to the highest standards of

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