Are you satisfied with the progress you ve made toward your retirement?

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1 Are you satisfied with the progress you ve made toward your retirement? Neither New York Life Insurance Company nor its agents provides tax, legal, or accounting advice. Please consult your own tax, legal, or accounting professional before making any decisions RB SMRU520786(Exp.12/31/2014) 1

2 Retirement isn t what it used to be. Then: People generally started working around age 20 and retired when they were 65. Because life expectancy was shorter, the average retirement typically lasted about 10 years. That means people often had about 45 years to prepare for 10 years of retirement. Begin Work Retire Life Expectancy Age 25 Age 35 Age 45 Age 55 Age 65 Age 75 Age years 10 years Once, retirees didn t need as much in personal savings for retirement because they could count on Social Security and company pensions. 1

3 Retirement isn t what it used to be. Now: Many young adults enter the workforce later and want to retire earlier. Thanks to medical advances and healthier lifestyles, people are living longer. That means people may be retired for as many years as they worked. Begin Work Retire Life Expectancy Age 25 Age 35 Age 45 Age 55 Age 65 Age 75 Age years 30 years Many key sources of income have been reduced. People must increasingly rely on personal savings and assets. 2

4 Traditional sources of retirement income. What would happen if one leg was shorter than the other two? The stool which represents your retirement income would lack stability. 3

5 Traditional sources of retirement income. Social Security Social Security can t cover most retirees primary expenses 1 and faces a potentially uncertain future. Pensions Plans Fewer companies are offering pension plans, choosing instead to shift the costs to employees with 401(k) plans and other defined contribution plans. Personal Savings Retirees must increasingly rely on personal savings, so they need to consider how their savings vehicles will be affected by taxes. 1 Social Security and Medicare Board of Trustees, A Summary of the 2012 Annual Reports, 4

6 Personal assets are critical. Most people have more questions than answers when it comes to planning for retirement: How much will I need? How much will I have? How much do I need to save to cover the shortfall? For personal savings, people want to know: Where should I put my money? How will I be affected by taxes? 5

7 Where do you think tax rates are going? Tax rates are currently at historically low levels, and no one knows where it ll be when you retire. Tax diversifying your retirement income might be sensible. 100% Highest Tax Bracket Lowest Tax Bracket 80% 60% 40% 20% 0% The graph above illustrates the high and low marginal tax rates over history. Exemptions, deductions, and state and local taxes are not taken into account when illustrating these marginal tax rates. Your actual tax rates may vary from those shown on the graph. Remember that historical rates are not a guarantee of future rates. Source: 6

8 The tax perfect retirement plan. With proper planning, you can minimize the effect taxes will have on your retirement planning. Ideally, you would be able to create a retirement plan that includes three key attributes: Contributions that are tax deductible Accumulation that is tax deferred Distributions that are tax free 7

9 The tax perfect retirement plan. Right now you can t have all three, but you can include 1 and 2 or 2 and 3 in your retirement planning. 1. Contributions Tax deductible After tax 2. Accumulation Tax deferred Tax deferred 3. Distributions Taxable Tax free Financial Vehicles Traditional IRA 401(k) plan Pension plan Profit-sharing plan Keogh plan Roth IRA Tax-free municipal bond 1 Cash value life insurance 2 1 Municipal bonds may be subject to alternative minimum tax. 2 The primary purpose of life insurance is to provide a death benefit. Using a life insurance policy to supplement retirement income can negatively impact the insurance benefit and cash value, and can possibly contribute to policy lapse. 8

10 The benefits of tax diversification. Retirement Income of $100,000 Without Tax Diversification $100, (k)/Qualified Plans $50, (k)/Qualified Plans Tax Diversification Strategy $50,000 3 Cash Value Life Insurance 100% taxable 100% taxable tax free 2 $100,000 taxed at 25% 1 $50,000 taxed at 15% 1 $50,000 taxed at 0% 2 = $25,000 tax = $7,500 tax = $0 tax $75,000 to spend after taxes $92,500 to spend after taxes Hypothetical example for illustrative purposes only 1 Assumed marginal federal income tax bracket under current rates. 2 If structured properly. Policy loans and partial policy value surrenders will reduce the death benefit of the policy and may cause the life insurance policy to lapse. Distributions exceeding cost basis will result in taxation. 3 The cash value in a life insurance policy is accessed through policy loans, which accrue interest at the current rate, and cash withdrawals and loans will decrease the total death benefit and total cash value. Policy values are based on non-guaranteed factors, such as dividends and interest rates, which are subject to change. Therefore, the supplemental retirement income is not guaranteed. 9

11 There are three things that can prevent you from reaching your goals. If you live, will you accumulate enough money? Permanent life insurance accumulates cash value tax deferred. The cash value can be assessed tax-free to help pay for college, or any other important need. 1 Additional premiums paid into your policy provide additional guaranteed cash value. 2 If you die, will your family be able to save enough without you? Life insurance provides a guaranteed death benefit 3 that can help provide the funds for college. This can give your family peace of mind knowing your child s future doesn t have to change if something happens to you. You can make additional premium payments into your life insurance policy, giving you guaranteed additional death benefit protection. 2 If you become disabled, how will you maintain your insurance policy? A popular, optional rider waives the premiums on your policy if you become disabled, keeping your policy inforce and allowing your cash value to continue to accumulate. 4 If you are making scheduled additional payments into your policy, this additional premium 5 will also continue to be made by New York Life, allowing your death benefit and cash value to grow even more. 1 The cash value in a life insurance policy is accessed through policy loans, which accrue interest at the current rate, and cash withdrawals. Loans and withdrawals will decrease the death benefit and cash value. Policy loans and withdrawals may be taxable if the policy is a modified endowment contract and may carry a 10% tax penalty if policyowner is not yet age 59½. Certain withdrawals from a policy that is not a modified endowment contract that are made within the first 15 years after the policy is issued may be taxable. 2 The Option to Purchase Paid-Up Additions (OPP) rider allows the policyowner to pay additional premiums into the policy to purchase paid-up additions, and is included with all regularly underwritten New York Life whole life products. Certain conditions must be met. There is an up-front expense charge on any OPP premium. 3 Guarantees dependent on the claims-paying ability of the issuing insurer. 4 Available for an additional charge; waives premium if qualified disability; limits apply. 5 Systematic (billable) OPP payments may qualify for the Disability Waiver of Premium benefit (if WP is included on the policy); scheduled OPP payments (through billable or Check-O- Matic arrangement) cannot be more than the standard OPP limits. In Oregon, the Whole Life policy form number is 1CC The rider form numbers are as follows: Disability Waiver of Premium: ; and Option to Purchase Paid-Up Additions: 1CC

12 A non-traditional solution. In addition to protecting your family, Whole Life insurance: Can be paid for with after-tax dollars Generates cash value that accumulates on a tax-deferred basis Allows you access to policy values before or during retirement generally on a tax-free basis 1 Provides a death benefit to your beneficiaries that is generally income tax free, unlike other investments 1 The cash value in a life insurance policy is accessed through policy loans, which accrue interest at the current rate, and cash withdrawals and loans will decrease the total death benefit and total cash value. Policy values are based on non-guaranteed factors, such as dividends and interest rates, which are subject to change. 11

13 Which of your financial products provide these benefits? Income Tax-Free Death Benefit Guaranteed Death Benefit 1 Premium Guaranteed Never to Increase Enhance the value of your Whole Life policy with additional options: 5 The Option to Purchase Paid-Up Additions (OPP) rider allows you to pay additional money into your policy to increase your death benefit and cash value. The more you fund it, the faster your cash value grows. If you become totally disabled, the Disability Waiver of Premium rider 6 can ensure your policy remains in force, and that your cash value continues to accumulate. Tax-Free Access to Cash Values 4 Whole Life Guaranteed Cash Value Growth Protected from Creditors 3 Tax-Deferred Cash Value Growth Additional Growth Through Dividends 2 1 All guarantees are based on the claims-paying ability of the issuer, New York Life Insurance Company. 2 Dividends which provide opportunity for cash value growth, is not guaranteed. 3 Varies by state. 4 Accessing cash value via policy loans, which is generally tax free, accrues interest and reduces cash value and death benefit. 5 Within certain limits and conditions in jurisdictions where approved. Please consult your New York Life agent for complete information. 6 There is no additional charge for the Waiver of Premium rider on all newly issued Standard or better Whole Life policies with face amounts $99,999 or less, for issue ages under

14 Bank on the living benefits of whole life. Use the loan option on your cash value Whole Life policy as a flexible source of funds. What might you need money for? If you had to borrow money for any of these needs, where would you get it? Bank Loan Approval process Possible denial Loan amount limited by bank determination Interest rate based on credit rating Must be paid back in specific time frame Need credit/affects credit Policy Loan No approval process Cannot be turned down Loan amount limited to cash value Competitive interest rate regardless of credit rating No fixed payment plan No credit check/won t show up on credit report Best of all, you can have the money with just a simple phone call! 13

15 Plus, whole life can improve your portfolio. Some of the smartest minds agree: Use life insurance to hedge against the loss of what may be your largest asset, your human capital. The cash value of life insurance has characteristics of fixed income assets. Portfolios that include life insurance cash value have higher estimated expected returns than those without. 60% Equities 20% Life Insurance Cash Value 20% Fixed Income Human Capital = The present value of your future earnings According to an independent study by third-party Ibbotson & Associates, a diversified portfolio that includes cash value life insurance as part of the fixed income asset class has a higher expected return and lower risk/volatility (standard deviation). 14

16 Important considerations. The concept of insurance cash value in a portfolio is based in part on the study Estimating Expected Returns and Standard Deviation of New York Life Insurance Company General Account for Investors, Ibbotson Associates, The expected return and standard deviation for insurance products used in the study are estimated based on a model portfolio constructed to approximate the gross asset class returns within the underlying investment portfolio associated with New York Life whole life insurance policies. For this analysis, gross returns are used ignoring expenses and mortality costs, which will vary based upon age, underwriting risk classification, and the number of years the policy is held. The analysis assumes the policyowner will hold the policy for 30 years, and it reflects probable longterm performance. In early years, where significant cash value has not yet accumulated, internal rates of return on cash value will be lower. There can be no assurances that any financial strategy will be successful. Your clients actual results will vary based upon their individual situations and the actual performances of any products or investments they ultimately decide to purchase. Clients should review a complete illustration for the policy they are considering before making an insurance purchase decision. This analysis does not suggest the actual outcome of any specific New York Life product or imply that a personal investment into New York Life s general account is possible. 15

17 I can help you At the end of the day, I m offering you a chance to protect your family s standard of living today and in retirement if something happens to you while you re still building that nest egg. At the same time, you ll be creating a source of potentially income-tax-free supplemental retirement income. 16

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