National Television Documentary Finds Fear Mixed With Newfound Optimism Among Americans Approaching Retirement

National Television Documentary Finds Fear Mixed With Newfound Optimism Among Americans Approaching Retirement

MassMutual data also finds recession has sparked dramatic changes in retirement planning

SPRINGFIELD, Mass., July 14 /PRNewswire/ -- As millions of Americans near retirement they have less confidence in the economy and new fears about whether they can afford the high cost of growing older. But in a nationally broadcast special to air this fall on PBS, television news anchor Paula Zahn reports on new glimmers of hope and dramatic changes people are making to help ensure they can afford to retire. Zahn will share the deeply personal stories of several families on Retirement Revolution: The New Reality , premiering September 15, 2009 on PBS, and sponsored by Massachusetts Mutual Life Insurance Company (MassMutual).

"For millions of Americans, the recession has effectively eliminated their plans to retire," says Zahn. "They're up against lost jobs, diminished retirement plan investments and rising health care costs. The New Reality will help them navigate these troubling waters by offering solid advice, opinions and insight about money, health and Medicare from a host of economists and financial planning experts."

The New Reality is the second installment of the Retirement Revolution series, which debuted last spring, with support from Massachusetts Mutual Life Insurance Company (MassMutual) as the exclusive national underwriter. The series is co-produced by PBS affiliate WTTW National Productions in Chicago and Boyer Productions, Ltd.

"The recession has been a wake-up call for many people who are just now realizing they may not have the right plan in place for a successful retirement - but the good news is they're starting to do something about it. The New Reality allows MassMutual to help bring national attention to the importance of planning and saving for retirement; MassMutual is committed to education regarding retirement, helping individuals achieve their definition of a successful retirement," said Elaine A. Sarsynski, Executive Vice President MassMutual Retirement Services and Chairman and CEO MassMutual International, LLC.

MassMutual research shows the recession is causing seismic shifts in the way many Americans view and prepare for retirement. Traditional retirement vehicles remain immensely popular. According to MassMutual, the vast majority of participants are staying the course and have not stopped contributing to their 401(k) plans, despite the volatile financial markets.

This conservative approach by some investors is underscored by the move to whole life insurance by many Americans. Sales for this stable and secure product increased a record 16% for MassMutual in 2008; sales remain strong this year, above industry averages. The trend indicates younger Americans are just now learning what 79-year old Texas lawyer Jack Leon realized 40 years ago when he bought his first whole life policy.

"The best value for the buck was whole life; I've stayed away from more exotic investments with all their bells and whistles," said Leon.

Leon has been a litigator in San Antonio for fifty years. Married with seven children, the death benefit of whole life appeals to him - but he says there's more to it than that.

"In the long run that's what you're looking for - slow build of cash value. It's a buffer from the volatility of the stock market. Stocks go up and they go down - I can't predict what the market is going to do. But the cash value of my whole life policy has always grown, in good times and bad," said Leon.

For boomers on the brink of retirement to millennials just entering the job market, the new retirement reality is grounded in sound planning and foresight. There are more than two dozen free calculators at http://www.massmutual.com/calculators to help people plan for their retirement determine their net worth and make realistic savings goals.

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About Paula Zahn

As a journalist and anchor, Paula Zahn has distinguished herself in the field of broadcast news. Her insightful interviews with newsmakers from the worlds of politics, sports, business, science, and entertainment have made her a reliable and trusted source for breaking news and current affairs. Currently, Zahn is the host of On the Case with Paula Zahn, an investigative series in production for Investigative Discovery. The series will premiere in the Fall 2009. She also co-hosts Sunday Arts, a weekly arts showcase for WNET in New York.

Zahn is well-known for her work anchoring CNN's weeknight prime-time evening news program Paula Zahn Now, and her previous role hosting the network's flagship morning news program American Morning with Paula Zahn, which she helped launch in fall 2001. Zahn's professional career includes high-profile roles with the Fox News Channel and a decade of work at CBS News, where she co-hosted the CBS This Morning and anchored the CBS Evening News Saturday Edition. She began her national television news career with ABC in 1987 after working for several local stations. Zahn has received numerous honors and awards for her work, including seven Emmys.

About MassMutual

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 every year 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, Inc., member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.

For more information, visit massmutual.com.

Source: MassMutual

CONTACT: Paula Tremblay of MassMutual, +1-413-744-0885,
ptremblay@massmutual.com; or Angela Giovanello of Mullen for MassMutual,
+1-617-999-6105, angela.giovanello@mullen.com

Web Site: http://www.massmutual.com/

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