SPRINGFIELD, Mass., Feb. 7, 2013 /PRNewswire/ -- Lunar New Year is a time of renewed hopes for millions of people across the world, and as they ring in 2013's year of the snake, reunions and gatherings are an ideal time to resolve to prepare for the future of loved ones.
Tradition suggests that placing a pine twig branch to represent the snake at a family's front door on the Eve of the New Year meant the family would never starve, but this quaint tradition won't be what protects the family's wellbeing. After the traditional foods have been served, the red paper lanterns are taken down and the firecrackers have all been set off, Asian-Americans may want to take a cue from the snake's valuable wisdom and resolve to start planning to protect their families' financial futures.
"The lunar year is a great time to resolve to get our financial houses in order and to put in place financial strategies that can help protect our families' financial futures," said Wonhong Lee, Director, Multicultural Market Development, Massachusetts Mutual Life Insurance Co. (MassMutual.) "Simply resolving to get started is sometimes the most important step."
4 Protection Pointers
To help get the process started, here are some considerations to help Asian-American families get started with their 2013 planning for financial wellbeing:
Protect your hard-earned income. As you build your professional career in the U.S., your most valuable asset is your ability to earn a salary. Yet, if you were to become too sick or hurt to work, even for a few months, you and those who depend on you could be severely affected.
Protect your family. You, and your parents before you, have worked hard for a comfortable life, one with a promising future, but if you were to die, your family's future may not be so bright. Would your children be able to attend college? Would your spouse be able to stay in the family home?
Protect your retirement. Undeniably, life in the U.S. is different than for your ancestors. As you age, you often are not able to move in with your adult children, when you need help caring for yourselves. Paying for that care could drain your retirement assets quickly, endangering your quality of life and potentially causing you to run out of income too soon.
Protect your legacy. One of the reasons your ancestors came to the U.S. was to provide more opportunity for you and your children. One of the most important values for Asian-Americans in the U.S. as well as for Asians across the world, is to provide the best education possible to their children. Make sure you can pass this traditional value on to your children, and their children, by leaving an inheritance to the next generation.
"These four protection pointers can be rounded out with one good piece of advice," said Amy Chen, Director, Multicultural Market Development, MassMutual. "Building a comprehensive financial strategy can be a difficult job, so make sure to find a trusted financial professional, backed by a financially sound, time-tested company, to help navigate the 4 Protection Pointers and start working on your 2013."
MassMutual will have a festive and traditional presence during Lunar New Year 2013 with ads in major Chinese and Korean media, as well as "Making of" videos—in both Chinese and Korean— depicting the cultural significance of the ads that capture the spirit of celebrating the Lunar New Year. Additionally, MassMutual's financial services professionals will be presenting Asian-American clients across the country with a 2013 calendar that gives an in-language New Year's greeting.
For more information on financial services strategies to help prepare your financial future, visit massmutual.com/multicultural/chinese or massmutual.com/multicultural/korean or call Wonhong Lee at 413.744.4748 or Amy Chen at 413.744.2056.
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyholders. 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 policyholders 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.