When I was in my late twenties I started out working as a sales representative.
My wife and I had one small child and another one on the way.
During that time I had, like everyone else, contributed to my 401k and Keogh contribution plans for retirement.
I took out a rather large disability policy to make sure that income was there for my family incase I became disabled as my wife wanted to raise the kids before she went back to work.
Without a sound disability policy we would have run into a major financial crisis if I became disabled and payments into my retirement savings plan would have ceased.
Why am I addressing this important issue? Mass Mutual has in their disability plans for both individual and work, a benefit to protect your ability to save for retirement called RetireGuard.
Mass Mutual can replace an amount equal to the retirement plan contributions you and your employer would have made had you not become disabled.
While insured with RetireGuard during a period of total disability, Mass Mutual would pay benefits directly into an irrevocable trust that offers a wide range of investment options so you can select the option that best meets your retirement goals.
At retirement age as set forth in the trust, the trust proceeds are paid to you to help supplement your retirement plan benefits.
A nice feature to this plan is that RetireGuard can be offered as a standalone coverage or as a rider on a Mass Mutual disability income policy and is issued based on the lesser of:
The sum of your contribution and your employer’s contributions made on your behalf on a monthly basis OR the current maximum defined contribution limit under Internal Revenue Code Section 415(c)(1)(A) on a monthly basis.
RetireGuard is not a retirement plan or a substitute for one, but is another great way Mass Mutual can help protect your income.
Please give us a call and Medical Solutions NY would be glad to further explain Mass Mutual’s RiteGuard plan to you!