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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.
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.
Many people who are planning for retirement combine a few products to best address their financial needs.
If you have money you’ve already saved for retirement, you can transition it to income for the rest of your life. Guaranteed1 income annuities are a reliable way to create recurring and consistent “paychecks” after you stop working.
Protecting your finances from health events
Planning for long-term care will help protect your income from being disrupted by unexpected health expenses, giving you the peace of mind to enjoy your retirement.
Supplemental income in retirement
If you already have permanent life insurance, you may have access to cash value that you can use for income in retirement. Additionally, maintaining life insurance in retirement can help you pass on benefits to your family and community.
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It's always useful to learn a little more. Take a look at these helpful insights.
1 All guarantees are backed by the claims-paying ability of the issuer.
2 Accessing cash value will reduce the available cash surrender value and death benefit.
3 Tina Orem, “5 Steps to Retirement Planning in 2021: An Introduction & How-to Guide,” Nerd Wallet, May 7, 2021. nerdwallet.com
4 Securities 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, CNNMoney.com