According to a recent study from InsuranceQuotes, 40 percent of Americans don’t have life insurance. Among those who didn’t have insurance, half said they feel like it’s not necessary.1 Even among those who have insurance, many don’t know if they have the correct amount.
Risk management is at the core of any financial plan. There may not be a bigger risk than the early death of a parent, loved one or financial provider. If you have young children or you support loved ones, your death could cause serious financial challenges for those who are most important to you. Life insurance helps you minimize that risk.
Want to retire early? You have company. According to a recent study from MSN, two-thirds of millennials want to retire before age 65.1 That’s well ahead of Social Security’s full retirement age of 67. Retirement is always a challenging goal, no matter your age. Many Americans lack the needed savings to fully retire in their late 60s, let alone early.
Early retirees face a number of difficult challenges. They live longer in retirement, which means they have to fund more years with their savings. They may retire before they qualify for Social Security or Medicare, which means they’re even more reliant on personal assets.
However, it is possible to retire early if you plan ahead, stay disciplined and implement a sound strategy. Below are three simple steps to help you start your planning. You may also want to work with a financial professional to help you analyze your needs and goals and develop a more detailed plan.