According to industry experts, most people don't have enough life insurance. LIMRA, which keeps close tabs on the industry, recently reported that average coverage equals $168,000, or 3.4 years in income replacement. That's less than half of the recommended 7 year threshold.Read More
American workers are split about 50/50 when asked if they are confident they will have enough money to pay for medical expenses in retirement.
In a 2015 survey, 42% of all workers reported they were “not too” or “not at all” confident they would have enough money to pay for their medical expenses in retirement. Fifty-six percent said they were “very” or “somewhat” confident they could pay the cost.
Regardless of whether you’re confident or not, it’s important to have an idea about how much healthcare may cost in retirement. By putting the costs in better perspective, you might be able to better understand what you can pay for and what you can’t.Read More
According to the Social Security Administration, a 20-year-old has a 25% chance of becoming disabled before reaching age 67.
Loss of income for such a duration has the potential to cause significant financial hardship. And while Social Security Disability Insurance may help, it’s critical to understand that 67% of initial applications were denied in 2013 and about 90% of SSDI recipients receive less than $2,000 a month.Read More