New York Life Greater New York G.O. (646) 227-8463

You can’t watch television or read a newspaper without being reminded of the uncertain times we’re in.

Disappearing jobs, disturbing stock market losses, the rising cost of living — we don’t need to tell you that it’s rough out there.

This has made retirement planning more complicated than ever.

From October 2007 to the end of first-quarter 2009, the market lost nearly $2.8 trillion in retirement savings.1

While the market has improved since then, many who were counting on their 401(k)s may not even read their account statements anymore.

The truth about Social Security

But other factors have muddied the waters for mapping a course toward a financially secure retirement.

People are living longer.

At the beginning of the 20th century, life expectancy at birth was 47.3 years.

Today, life expectancy is nearly 79 years.2

This is good news; but we need to prepare for more years of retirement.

And if you thought Social Security would take care of you, think again.

In 2010, the maximum monthly benefit was $2,3463 — not enough for many of you to live comfortably.

While there are no easy solutions, the purchase of a life insurance policy can guarantee4 the protection of your loved ones and also supplement your retirement savings5 if the death benefit is no longer needed.

Leaving a legacy

Life insurance’s primary purpose is to deliver guaranteed death benefit protection, which can provide a generally tax-free legacy to your loved ones.

But permanent life insurance also carries many living benefits.

Cash value is money that accumulates within the policy, tax deferred.

This means you do not pay taxes on any of the accumulation within the policy.

In addition, you can access that money tax-free though policy loans.5

The cash value can also be accessed for college expenses, as collateral for a small business loan, or any other anticipated or unexpected event.

In addition to the death benefit protection, life insurance can also be used to supplement your retirement income.

As such, it can be a vital piece of the complex puzzle of retirement planning.

1The Urban Institute, “Updated Account Balances,” by Barbara A. Butrica and Philip Issa, October 2010.

2Centers for Disease Control and Prevention, “Deaths: Preliminary Data for 2008,” December 2010.

3Social Security Online, “The Maximum Social Security Benefit,” December 2010.

4Guarantees backed by the claims-paying ability of the issuer.

5Loans against your policy accrue interest and decrease the death benefit and cash value by the amount of the outstanding loan and interest.

This educational third-party article is being provided as a courtesy of Ross B. Inciong, LUTCF Agent.

For additional information on the information or topic(s) discussed, please contact Ross B. Inciong, LUTCF Agent, CA Ins. Lic. #0C37643, c/o New York Life Insurance Company or New York Life Insurance & Annuity Corporation at 420 Lexington Avenue, Suite 1500, New York, NY 10170, or contact him at tel. (646) 227-8463, fax (646) 227-8465, or by e-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

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