for example, you likely do not need life insurance. On the other hand, if you have children with special needs or kids who are still living in your home, you should consider keeping your current insurance or purchasing coverage if you don't already have a policy. You might want life insu...
in 2012. According to financial planner Laura Scharr-Bykowsky, underinsurance is a critical problem among retired and pre-retired employees because they will have less time to recover during a big loss. It notes that Scharr-Bykowsky suggests the monitoring of clients' property-casualty insurance...
Do you need life insurance and, if so, how much and which kind? As much as some life insurance agents like to complicate the question, it’s not hard to know if you need life insurance, which kind and how much. Let’s assume you have dependents and you are concerned about protecting...
You can purchase a new whole life policy, but it can come in many forms, so consult with an independent insurance agent or your financial advisor to find a policy that fits your needs. Certain whole life insurance policies also can act as a valuable tax shelter for retirees, said Johnson....
When planning how much money you will need in retirement, take the time to actuallywrite down all your predicted spending so that you can properly assess the amount of cash it will take to afford the retirement lifestyle you want. To estimate your retirement savings needs, base it on your ...
A crucial first step is calculating how much your retirement lifestyle will cost. Key Takeaways Retiring at age 40 will require significant savings, discipline and proper planning to mitigate risks. Early retirees should aim to save half their income, max out retirement account contr...
ERISA does not dictate a pension plan’s specific investments. However, ERISA does require plan sponsors to operate asfiduciaries. That means they must put their clients' (the future retirees) interests ahead of their own.8 By law, the investments they make are supposed to be both prudent and...
While it would be nice to live off the earnings of investments and not have to dip into principal, that’s not likely to be an option for most retirees. So it’s important to make sure any income that you’ll need in the near future (that is, at least over the next year) is pro...
This calculation gives you a healthy estimate of whether you need to set aside more money toward traveling or medical expenses during retirement, for example. Or, you can deduct certain expenses that you don’t anticipate having once you’re retired (e.g., mortgage, life insurance or costlyau...
A written plan can help keep you on solid footing regardless of what life throws your way. As you think ahead to retirement, one of your first questions might be: How much do I need to save? It would be nice if retirement savings were about getting to a single, magical number that en...