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, 57 percent of Korean Americans have no credit card, mortgage or student loan debt whatsoever (compared with 16 percent of the general population). A secure financial future, however, goes beyond little or no debt. Compared to the general population, Korean Americans have lower direct engagement with almost all other financial and insurance services, including retirement accounts and term life insurance.
Over one-third of Korean Americans wish they were more in control of their finances. This Lunar New Year, MassMutual offers Korean Americans the following suggestions to 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.
“Korean Americans understand the importance of saving for the future,” says Wonhong Lee, assistant vice president of recruiting and market development. “But they often feel they are too busy to take care of their day-to-day business, and they don’t have the time to think about their financial future.”
In 2015, look to the goat’s creative intelligence to guide your choices, and don’t be afraid to seek guidance. Korean Americans work hard to build their American Dream, and MassMutual can help protect their dream. Sae hae bohk mahnee padeu sayeo – congratulations, and may you have a prosperous new year!
Learn more about Korean-American families from the 2013 State of the American Family Study or for in-language information about planning your financial future.
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.