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Planning for Retirement Are you planning for retirement and concerned about your savings?

New York Life can help you identify insurance solutions, investments, and strategies to make your savings last.

Ensuring you have a consistent source of income will allow you to maintain your lifestyle in the future if you change how much you work. In retirement, it’s important to go beyond accumulating assets and to understand how a stream of income provides you with freedom and stability. Building a portfolio of tools now that will generate the income you need later is an important part of retirement planning.

In retirement, it’s important to go beyond accumulating assets and to understand how a stream of income provides you with freedom and stability.

In addition to generating income, you may want to take into account things that might disrupt your plan, such as health-related expenses. There are solutions you can put in place that can help you prepare to cover these events and protect you and the lifestyle of your loved ones.

It's never too early to put a strategy in place that will help provide income for the rest of your life, even if you have many years until retirement. Remember, in retirement, if you've got income, you've got it all.

Financial tips for retirement planning.


Your lifestyle in retirement is driven by the income you'll have

Not by how much money you have in the bank.


The more bills you have, the less income is left

If you start paying down what you owe now, you’ll have more spending money in retirement.


Taxes can disrupt your finances in retirement

Everyone should consider speaking with a tax expert as they prepare for retirement. 


Health events can disrupt your lifestyle

Consider helping protect your assets and your loved ones.


Consider what you want to leave behind

Having life insurance even at older ages can allow you to give back to your community and family.

Customize solutions for your future

Many newlyweds combine a few products to best address their financial needs.

Retirement planning FAQs

The five steps of retirement planning3
Retirement planning has several steps. The end goal is to have enough money to quit working and do whatever you want. Our aim with this retirement planning guide is to help you achieve that goal.

Step 1: Know when to start retirement planning.
The earlier you start planning, the more time your money has to grow. That said, it’s never too late to start retirement planning. Even if you haven’t started saving for retirement, don’t feel as if your ship has sailed. Every dollar you save now will be much appreciated later. Strategically invest, and you’ll begin to catch up.

Step 2: Figure out how much money you need to retire.
The amount of money you need to retire is a function of your current income and expenses—and how you think those expenses will change in retirement. The typical advice is to replace 70% to 90% of your annual pre-retirement income through savings and Social Security.

Step 3: Prioritize your financial goals.
Generally, you should aim to save for retirement at the same time that you're building your emergency fund, especially if your employer has a retirement plan that matches a portion of your contributions.

Step 4: Choose the best retirement plan for you.
If you have a 401(k) or other employee retirement plan with matching dollars, consider starting there. If you don’t have a workplace retirement plan, you can open your own traditional IRA or Roth retirement account.

Step 5: Select your retirement investments.
Retirement accounts provide access to a range of investments4, including stocks, bonds, and mutual funds. Determining the right mix of investments depends on how long you have until you need the money and how comfortable you are with risk. Generally, the idea is to invest more aggressively when you’re young, and then slowly dial back to a more conservative mix of investments as you approach retirement age.

  • You can put the money into a retirement account that's offered by your employer, such as a 401(k) or 403(b) plan. These plans are great deals because the money may grow tax deferred until you withdraw it in retirement. 
  • You can put the money into a tax-advantaged retirement account of your own, such as an IRA. IRAs offer similar tax advantages to 401(k)s, though some of the eligibility rules differ.
  • You can put the money into a regular investment account that doesn't have tax advantages.5

You can access the cash value in your policy to supplement your retirement income. This can be particularly helpful if markets fall and you don’t want to deplete your portfolio.

Learn more

It's always useful to learn a little more. Take a look at these helpful links.

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Retirement savings calculator

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Want to learn more about retirement planning?

A New York Life financial professional can help determine what’s right for you.

1All guarantees are backed by the claims-paying ability of the issuer.

2Accessing cash value will reduce the available cash surrender value and death benefit.

3Tina Orem, “5 Steps to Retirement Planning in 2021: An Introduction & How-to Guide,” Nerd Wallet, May 7, 2021.

4Securities products and services are offered through NYLIFE Securities LLC (Member FINRA/SIPC), a Licensed Insurance Agency, 51 Madison Avenue, New York NY 10010. NYLIFE Securities LLC is a New York Life Company.

5 “Ultimate Guide to Retirement:-Where Should I Put My Retirement Money,” CNN Money,