Bring Your Career To Life
They say life doesn’t give you anything you can’t handle. But that doesn’t mean you have to handle it alone. These days, it’s more important than ever to make sure you have a financial professional by your side someone who can help evaluate your needs, assess the current economic landscape and recommend a plan of action that will help protect your family’s wealth, lifestyle and dreams for the future. Let’s get started – there’s no better time than now.
Plan Accordingly To Access Your Savings At Different Times
As retirement will ideally last 30 years or longer, you want to make retirement withdrawals in a way that maximizes the value of what youve saved during your career. Required minimum distributions, or RMDs, are the amounts you must withdraw on qualified assets each year once you turn 72 . The benefits of RMDs are that they may allow the percentage of wealth to increase each year with age, they encourage a balanced portfolio, and they respond to fluctuations in value because the dollar amount of your retirement withdrawal is based on the current market value of your portfolio. This can be an efficient piece of your retirement spending plan but it should still be supplemented with a source of consistent income and financial protection against unexpected medical costslike health care expenses and extended care.
While its important to understand the various strategies for responsible retirement spending, no rule, table, or online calculator is a substitute for an ongoing, honest conversation with a financial professional who understands your unique situation and priorities.
New York Retirement System
The pension fund of New York is one of the three largest in the nation and serves well over one million plan participants. This success has put the state in a great spot for the health of its employees retirements. The New York retirement system is one of the simplest in the U.S., though there are still some nuances to be wary of. For those who want some extra help, the SmartAdvisor tool can pair you with financial advisors in your area that have experience working with such clientele.
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New York Life Credentials
New York Life is the second-largest life insurance company in the U.S., based on direct premiums written. In 2020, its premiums totaled over $8 billion and made up 6.0% of the total market.
New York Life is licensed to issue life insurance policies in all 50 states, and it stands at # 67 on Fortunes ranking of Fortune 500 companies.
Whats The Difference Between Term Whole And Universal Life Insurance
Term life insurance is temporary. It expires after the length you agree to, typically 10 to 30 years. Whole and universal life insurance are permanent. Keep paying your premiums and youre covered.
Whole and universal life insurance are similar besides the money your loved ones receive if you pass, they both come with a cash value account for your benefit. A whole life insurance policy will earn interest on your cash value. Universal life insurance policies are more customizable by providing premium payment flexibility and the option to grow your cash value through investments.
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How Much Do I Need To Save For Retirement
If youre wondering how much you need to save for retirement, there is no right answer, as it differs from one person to another. Moreover, while a specific savings amount might be sufficient for you, it might come close to nothing for the next person. However, there are some aspects that you can evaluate to figure out how much you should save for your retirement years, which are:
- It goes without saying that the earlier you start saving, the better. Therefore, start by considering your age when you start saving. For instance, if you are 30 years old and investing around 20-30% of your monthly income, you will be able to save sufficient funds.
- Next, evaluate your monthly expenses, credit card bills, EMIs, and other daily expenditure so you can get by with your savings comfortably during retirement.
- When it comes to retirement planning and savings, it is also vital to consider all your long-term investments, as it will give you a clear idea of how much savings will be sufficient once you retire.
- Lastly, think about the lifestyle you wish to lead post-retirement. For instance, if you plan on travelling/exploring new countries after retirement, you might need a larger savings fund. However, if you wish to stay indoors and spend time with your loved ones, you can get by with less. Regardless, it is crucial to have sufficient financial backup for emergencies.
Establish Retirement Income Beyond Your Personal Savings
Having one source of savings to rely on throughout retirement is restricting. Retirement budgeting is difficult when you dont know how long your retirement will last and how much it will cost on an annual basis. Your savings will diminish no matter what, so the trick is to create an ongoing source of income that will last for the rest of your life. Having a New York Life income annuity is a reliable way to turn your personal assets into guaranteed lifetime income. Depending on the product you choose, you can purchase an annuity with a lump-sum premium or with flexible payments over time. Either way, your annuity can provide you with regular payments every month for as long as you live. Note, guarantees associate with an income annuity are based upon the claims paying ability of the issuing company.
“Depending on the product you choose, you can purchase an annuity with a lump-sum premium or with flexible payments over time. Either way, your annuity can provide you with regular payments every month for as long as you live.
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New York Life Sued Over 401 In
If you are interested in learning more about this case or discussing how you may be affected, please complete our brief questionnaire. We will then follow-up to schedule a complimentary consultation with one of our attorneys.
New York Life Insurance Co. was sued by a former employee who says the company engages in self-dealing and earns windfall profits from a pair of retirement plans covering tens of thousands of employees and insurance agents, according to a proposed class action filed in federal court in Manhattan.
Stuart Krohnengolds lawsuit, filed in the U.S. District Court for the Southern District of New York, accuses the insurer of improperly profiting off its workers retirement savings by defaulting certain retirement plan participants into an undiversified general account insurance fund. This fundcalled the Fixed Dollar Accountisnt a permissible 401 default investment, and it allows New York Life and its affiliates to earn enormous profits and billions of dollars to be used for its own business purposes while exposing most of the Plans assets to New York Lifes credit risk, he claims.
Krohnengold also accuses New York Life of offering its own affiliated investment products in the plans without properly considering lower cost and better performing alternatives from competitors. These two failures cost plan participants hundreds of millions of dollars in lost retirement savings, he claims.
. . .
John Hancock Acquires New York Life Retirement Business
Manulife Financial Corporation announced that its U.S.Division, John Hancock Financial, and New York Life have entered into anagreement under which John Hancock will acquire New York Lifes Retirement PlanServices business.
The acquisition will increase John Hancocks RPS assetsunder administration by approximately 60%, accelerate its expansion into themid-case to large-case private sector retirement plan markets, and add bothscale and expertise to John Hancock in a strategically significant line ofbusiness, the company said.
The resulting combined RPS businesses will consist ofapproximately $135 billion in assets under administration, 55,000 retirementplans and 2.5 million plan participants. The firm says the combined businesswill create a top-15 provider of retirement plan services in the mid-case planmarket. John Hancock RPS ranked fourth by total recordkeeping plans in PLANSPONSORs Recordkeeping Survey.
PeterGordon, SVP and president of John Hancock RPS, told PLANADVISER, the businesswill be almost exclusively private sector retirement plansanything fromstart-ups to very large plans in excess of $1 billion in assets. The businesswill include private-sector small to large defined contribution plans,defined benefit plans, as well as Taft-Hartley plans. They are alladviser-distributed, he says.
Bothtransactions are expected to close in the first half of 2015.
How To Use Retirement Planning Calculator
A retirement planning calculator is a handy online tool that estimates how much money you will need after retiring. The calculation is done on the basis of your age when you invest in a pension plan, the retirement age, income, inflation rate, expected return on investment and other such parameters.
It supports you in planning your savings so that you can retire with the perfect retirement corpus. In addition, the retirement planning calculator can help you remain secure in the future as it helps estimate the amount required to maintain your current lifestyle.
Here’s how you can use it:
- Provide basic personal information such as your age.
- You must select and your ideal retirement age as well as your life expectancy.
- Fill in the appropriate monthly income that you require post-retirement, as well as the projected inflation rate and return on investment.
The retirement planning calculator displays the annual income needed immediately after retirement and the additional retirement funds that must be invested, and the monthly savings necessary to do so.
Why Ulips Make Good Retirement Plans
Since ULIPs are invested in the equity market, they yield higher returns compared to other retirement, pension, and investment plans such as FDs, pension schemes, bonds, and endowment policies. In addition, investing in Unit Linked Insurance Plans involves less risk, so you get the benefit of both security and excellent returns.
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Why Should I Start Retirement Planning Today
Retirement planning, like any other financial planning in life, must be done ahead of time. With the average working life of 30 to 35 years, the best retirement plans are often begun at a young age. This implies that retirement preparations and implementation take place at various stages of life. When done correctly, you will reap the benefits of investing in the best pension scheme in India that you started years ago.
Secure Term Choice Fixed Annuity Ii
- 0.30% fee for Enhanced Beneficiary Benefit rider
Annuity TypeMinimum Initial Premium
The Secure Term Choice Fixed Annuity II is reminiscent of the Secure Term MVA Fixed Annuity II, but with possibly stronger interest-earning potential. While its interest rates are slightly lower, its introduction of the Interest Opportunity Rider has the opportunity to push you over the edge, provided youre willing to take on a little risk. The maximum issue age for this annuity is 90 years old.
With the IOR, you have two options to select from: one that offers a 0.5% rate increase and another that can gain you as much as 1% interest. To trigger these rate hikes, the Treasury rate must increase by an equal percentage on the semi-anniversary or anniversary of your policy. For the 0.5% option, this must occur during the first year, while the 1% option gets the first two years to reach that point. The upgraded rate will then last for the duration of your guaranteed period, which is either three, four, five, six or seven years.
This annuity also comes with the Enhanced Beneficiary Benefit Rider for a 0.30% annual fee, as well as the Enhanced Spousal Continuance Rider. This will allow your spouse to become the new owner of your policy as long as he or she is your sole beneficiary.
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Advisors Can Get Appointed To Offer Annuities
The first step to integrating our product solutions into retirement portfolios is to get appointed to sell with New York Life. Financial professionals who would like to be appointed are invited to access our enrollment instructions.
Connect With Us
In most jurisdictions, the policy form numbers are as follows : New York Life IndexFlex Variable AnnuityFP Series .Income annuities and deferred annuities are issued by New York Life Insurance and Annuity Corporation , 51 Madison Avenue, New York, NY 10010.Investments and insurance products are: Not FDIC/NCUA Insured | Not Insured by Any Federal Government Agency | Not a Deposit or Other Obligation of, or Guaranteed by, the Bank or Any of its Affiliates | May Lose Value
New York Life Guaranteed Interest Account
All Program participants will have access to a new investment option through the investment menu at Fidelity, effective July 1, 2021. Read below to learn more about this new investment option:
The New York Life Guaranteed Interest Account
- The New York Life GIA is a general account group annuity contract that seeks to provide a low-risk, stable investment option for participants.
- Contributions are directed to a broadly diversified fixed income portfolio within New York Lifes general account.
- The GIA offers participants competitive yields and limited volatility, with a guarantee of principal and accumulated interest.
- Participant balances are fully liquid including immediate lump sum withdrawals with no surrender charges or market value adjustments.
- New York Life Insurance Company holds the highest ratings for financial strength currently awarded to any U.S. life insurer from the four major ratings agencies.
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Who Should Invest In Retirement & Pension Plans
Simply put, if you see financial security as a crucial part of your future, you should begin retirement planning and invest in a pension plan. Of course, since each person has a unique financial profile, the details of it may differ. However, anyone who meets the following points of reference should consider investing in the best pension schemes in India.
- You want to ensure that your partner has a financially stable life while you are away.
- You want to set up a fund to cover potential high healthcare expenses.
- You want to keep your current lifestyle after you retire.
Retirement Budgetingmanage Retirement Spending
As you get further along in your career, preparing for retirement starts to become more of a focus. Ideally, you will save throughout most of your working life, building up savings for retirement budgeting and life after work. The thought of finally dipping into that retirement budget can be sobering. Spend too much, and you could run out of money when you need it most. Spend too little, and youll miss out on some wonderful experiences that could enhance your golden years. Its not always easy to find the right balance, and theres no standard advice thats right for everyone.
There are generally three pillars that make up a retirement budget and guide your retirement spending: personal assets, Social Security, and your pension. However, having a traditional pension is a lot less common today than it once was, and Social Security, while certainly helpful, doesnt provide a comfortable amount of retirement income on its own. This makes your personal assets much more important. Here are three tips to apply to your retirement budgeting and retirement spending that can help you maximize your personal assets and create a plan that works for you.
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Connect To Your Plan Details
Use these links to learn about your benefits, including your health incentives, retirement savings options, and tools and resources for using the plans. Find network doctors, manage your 401, track your health incentives, and learn how a health reimbursement account works with the health plan.
Note: A user name/ID and password is required to access your YBR account from the internet. Full access to the Aetna member website and Express Scripts is available once you are enrolled and you have set up a user name/ID and password. Learn more about using the Aetna member website in this tip sheet.
- Health Incentives
Types Of Retirement Systems In New York
While pensions and money for retirement are the main reasons that certain individuals become public employees, there are many other benefits to belonging to one of New Yorks retirement systems. Youll receive varying levels of death benefits, loans, accidental disability benefits for injuries and vesting long-term benefits. Your tier determines where you fall within the hierarchy of these plans.
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Learn About Your Benefits
Your income in retirement will likely come from many sources. In addition to Social Security, you might have savings from other employers, and other assets, such as New York Life retirement benefits.
About nonqualified benefits.
The company provides a nonqualified plan, the Nylic Excess 415 and 401 Benefit Plan, to certain eligible Agents. This plan supplements the retirement benefits available through the qualified Nylic Retirement Plan, and provides supplemental benefits above the IRS limits. In addition, the company provides nonqualified deferred compensation plans for eligible Agents.
Learn More: See if youre eligible for these benefits at Your Benefits Resources .
Our savings and retirement benefits are designed to grow with you as your career grows. Theyre also valuable, competitive, and one-of-a-kind, with special features that build off of each other to help you save more, faster.
- To get the most from your 401 Savings Plan and
- Your Nylic Retirement Plan work together to help you achieve your financial goals or visit Your Benefits Resources at
Who contributes to the Plan
You and New York Life
New York Life
Who is responsible for the investment risk
How to find more information
Pre-tax or Roth?
What about your current balances?
Need additional help?