There is a retirement crisis in America. Social Security is still alive and well (for now, at least), but is by no means enough to cover most Americans’ cost of living in retirement. Too many people have little or no savings and aren’t doing anything to change their situation.
According to many financial experts, you should plan on needing about 80% of your pre-retirement salary once you retire, including income from Social Security, pensions, and any other savings. And, you may need this income for longer than you think:
The good news is that you can change your situation, even if you think it’s too late. Take a few moments to see how much you will need in retirement.
If someone will suffer financially when you die, chances are you need life insurance because it provides cash to your family after your death. This cash, known as the death benefit, replaces your income and can help your family meet many important financial needs like funeral costs, daily living expenses and college funding. What’s more, there is no federal income tax on life insurance benefits. You can’t pinpoint the ideal amount of life insurance you should buy down to the penny. But you can make a sound estimate if you consider your current financial situation and imagine what your loved ones will need in the coming years.