Dylan Huang, Senior Vice President, Head of Retail Annuities and Wealth Management Solutions at New York Life, is quoted in a Forbes article that discusses the importance of having secure income sources in building successful retirement plans.
In speaking to New York Life seeing growing traction around a less complex variable annuity offering, Huang explains:
"While we believe the ultimate way to secure retirement is through a guaranteed lifetime stream of income, we also recognize that not everyone is ready for income planning. Instead, they prefer to focus on growing their nest eggs. These folks tend to dial down their equity exposure due to fear of loss. Driven by these worried savers, we’ve seen growth in our variable annuity with an optional accumulation benefit rider, which offers 100% protection of principal in case of a market slide, with uncapped growth potential."
Read the full article, "Simpler Variable Annuities Could Play A Big Role In Retirement Planning."
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Certain New York Life variable annuities offer the option to purchase an accumulation benefit rider, called the Investment Preservation Rider 3.0(IPR). The IPR protects 100% of all premium payments made in the first policy year (less any proportional withdrawal for a holding period.
The IPR does not protect the owner's investment from day-to-day market fluctuations or against losses that could be realized prior to completion of the holding period.
Variable annuities are long-term financial products designed for retirement purposes. There are fees, guidelines and risks to consider. Guarantees are backed by the claims-paying ability of New York Life Insurance and Annuity Corporation (NYLIAC) and do not apply to assets in the Investment Divisions as they are subject to market risk and fluctuate in value. Withdrawals or surrenders may be subject to ordinary income taxes and, if made prior to age 59½, may be subject to a 10% IRS penalty.
Annuities contain certain limitations and restrictions. A financial professional can provide costs and complete details.
Investors are asked to consider the investment objectives, risks, charges, and expenses of the investment carefully before investing. The prospectuses contain this and other information about the product and underlying investment options. Please remind your clients to read the prospectuses carefully before investing.
New York Life Variable Annuities are issued by New York Life Insurance and Annuity Corporation ("NYLIAC"), a Delaware Corporation and are offered by NYLIFE Securities LLC(member FINRA, SIPC). NYLIAC and NYLIFE Securities LLC are wholly-owned subsidiaries of New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010.