February 25, 2015

    MassMutual Celebrates Lunar New Year with Financial Security Tips for Chinese Americans

    MassMutual Celebrates Lunar New Year with Financial Security Tips for Chinese Americans

    Allow the Year of the Goat’s tranquility and security to guide your financial planning

    Springfield, Mass., Feb. 25, 2015 - This Lunar New Year, we join you in celebrating the Year of the Goat. Did your finances run away from you in 2014? Use 2015, the Year of the Goat, to regroup and take control of your financial future. The goat embodies tranquility, security, and predictability. This year, use its creativity and steady tenacity to build a long-term financial plan for you and your family.

    According to research released by Massachusetts Mutual Life Insurance Company (MassMutual) in its 2013 State of the American Family Study, over 30 percent of Chinese Americans have set aside six months or more of their monthly living expenses for an emergency fund. A secure financial future, however, goes beyond a savings account. Chinese Americans have lower direct engagement with almost all other financial and insurance services, including retirement accounts and term life insurance.

    Nearly half of Chinese Americans wish they were more in control of their finances. This Lunar New Year, MassMutual offers Chinese Americans the following suggestions to help establish lasting financial security:

    1.Think about retirement. Retirement needs vary between individuals; consider your choices. Begin by understanding the amount of income needed to maintain your standard of living by listing all current and future expenses to see if you are saving enough right now. Study available annuities and investment opportunities to reach long-term financial goals or talk to a financial professional who can help you create a financial strategy to meet your needs.

    2. Consider life insurance. Your family deserves financial protection, especially in a worst-case scenario. Seek out policies to match your needs and budget. Some policies can also accumulate cash value* - a benefit that can be used for supplementing retirement income, funding a child’s education or emergencies.

    3. Educate your children. Building a secure legacy does not end with parents. Prepare your children and your grandchildren for their own future finances. Allow the entire family to participate in budgeting decisions, discussing the process and providing advice along the way.

    “We’re delighted to join with the Chinese community to celebrate the Year of the Goat!” says Amy Chen, multicultural market director at MassMutual. “As the New Year begins, it’s the perfect time to reflect on how we can help you and your family plan for the year and beyond.”

    In 2015, look to the goat’s creative intelligence to guide your choices, and don’t be afraid to seek guidance. MassMutual can help. Gung hay fat choy – congratulations, and may you have a prosperous new year!

    Learn more about Chinese-American families from the 2013 State of the American Family Study or for in-language information about planning your financial future.

    About MassMutual

    Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyowners consistently since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company’s strong and growing network of financial professionals helps clients make good financial decisions for the long-term.

    MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.

    * Access to cash values through borrowing or partial surrenders will reduce the policy's cash value and death benefit, increase the chance the policy will lapse, and may result in a tax liability if the policy terminates before the death of the insured.