Generation of three women spending time together.
Dylan Huang


Dylan Huang     |     
SVP, Head of Retail Annuities


Retirement

The current global pandemic, and resulting economic impact, has caused us to examine many aspects of our daily lives.

From our health to our finances, we can’t help but question if we’re doing all we can to protect ourselves and our loved ones. One important lesson many of us are learning (the hard way), is that preparedness is critical because we don’t know what tomorrow will bring.

When it comes to retirement, being “financially prepared” entails different things for different people.

Despite these varying outlooks, many Americans seek a common retirement goal: to have a reliable income that enables you to enjoy the lifestyle you want. Determining a retirement strategy is more than just accumulating assets—it’s about having a roadmap to create a reliable income stream and being able to cover unanticipated costs. This approach can provide you with more freedom, stability and peace of mind.

To deepen our understanding of consumers’ feelings about their finances during COVID-19, New York Life conducted a poll of Americans in late March and early April.

We learned that, while not surprising, people in different stages of their lives feel differently about their financial preparedness.

For those nearing retirement, the current economic outlook could have different implications than those for Gen X or Millennials.

The confidence level among different generations about their retirement savings lasting them the rest of their lives is as follows:

Boomers

53%

confidence level

Gen X

44%

confidence level

Millennials

42%

confidence level

A key reason Boomers may be feeling better about their long-term financial prospects is that they’re more likely than other generations to have a retirement strategy in place. In our early April poll, more than half (54%) said they had a retirement plan prior to COVID-19, compared to 45% of Gen X and 31% of Millennials.1 A greater disparity in attitudes emerge when we look at how this situation has impacted one’s willingness to re-evaluate their financial plans. Boomers feel confident in their retirement plans, with just 32% saying they would likely create or re-evaluate their financial strategy as a result of the COVID-19 environment, compared to 58% of Millennials who say they are likely to act to re-evaluate their strategies.

A clear financial strategy

While younger generations haven’t had as much time to prepare as their older counterparts, the research demonstrates the emotional and tangible benefit of being deliberate about financial preparedness and having a clear strategy that can help you achieve your retirement planning goals. For those of you who don’t yet have a retirement strategy in place, it’s not too late to get started. For those who have already taken steps to safeguard your financial future, now is an opportunity to revisit your plans if your circumstances or retirement goals have shifted. By working with a trusted financial professional, you can better prepare for the uncertainties of life and take important steps towards building a more secure retirement.

About the author

Dylan Huang is the Senior Vice President and Head of Retail Annuities for New York Life. He is responsible for leading all aspects of the company’s second largest profit center, with sales of $13.1 billion in 2017. Under Dylan’s leadership, New York Life has developed innovative, income-focused solutions to help Americans achieve retirement security. The company is the industry-leading provider of lifetime income annuities.

Dylan began his career at New York Life as an actuary in 2001, advancing to leadership roles of increasing scope in the company's Life Insurance, Annuity, and Corporate Finance divisions. He most recently led New York Life’s Retirement Solutions organization.

Dylan is a recognized thought leader in the retirement industry. He is noted for the products he has introduced, such as the Guaranteed Future Income Annuity, which helped transform the deferred income annuity category into a mainstream solution for pre-retirees, and Mutual Income, designed to offer consumers the opportunity to directly participate in the company’s mutual structure through dividends. He is a patent-holder for products developed under his leadership. Dylan is also known for his award-winning research on how guaranteed lifetime income improves retirement portfolios, is often interviewed by the media for his insights on the retirement market, and has published articles in industry trade journals. In 2016, Dylan was named one of LIMRA’s 25 Rising Stars of Retirement Under 40.

Dylan holds a Master of Science degree from the University of Connecticut and a Bachelor of Science degree from the University of British Columbia. He is also a Fellow of the Society of Actuaries and a member of the American Academy of Actuaries.

Dylan is a member of the board of directors at the Insured Retirement Institute and the advisory board of the New York Life Center for Retirement Income at The American College. Dylan also sits on the board of Virtual Enterprises International, an organization dedicated to career development for middle and high school students. Dylan lives in New York City with his wife, Angela, and their two boys, Owen and Oliver.

1 The surveys were conducted among a national sample of 2,200 adults. The surveys fielded first March 23-24, 2020, and again April 9-10, 2020, were conducted online and the data were weighted to approximate a target sample of adults based on age, educational attainment, gender, race, and region. Results from the full survey have a margin of error of plus or minus 2 percentage points.