Every solid financial plan should be built on a foundation of risk management. It’s difficult to achieve your biggest life goals without first minimizing the risks that could threaten those goals. There may be no more catastrophic risk than the financial fallout from an unexpected death. Life insurance is an effective tool for managing this risk because it protects your loved ones, dependents, business partners and others from financial harm if you pass away.
 
Life insurance benefits are often paid as a tax-free lump sum. A death benefit could provide your loved ones with much-needed liquidity and financial stability during an already difficult period.
 
However, it’s important to choose the right individuals as your beneficiaries. A beneficiary designation often can’t be challenged after the fact. If you accidentally forget to include someone as a beneficiary, they may have little recourse to correct the issue after you pass away.

​If you’re like most people, you probably have a number in mind when it comes to a target for your retirement savings. But is that number accurate? According to a recent study from Fidelity Investments, it probably isn’t. The study found that 75 percent of those surveyed underestimated the amount of money they would need to fund their retirement.1
 
It can be difficult to tell whether your retirement savings target is accurate because there are so many unknown variables. After all, it’s impossible to know how long you will be retired. You don’t know what the economy will be like during your retirement or how much certain items will cost. You can’t predict things like medical issues or other emergencies.

​Are you considering a permanent life insurance policy? That could be a wise decision if you need lifelong life insurance protection. As its name suggests, permanent life insurance lasts for your entire life, assuming you keep up with the premium requirements. The lifelong coverage is the major difference between permanent insurance and its counterpart, term insurance, which provides coverage for only a limited amount of time.
 
Permanent policies can also provide growth potential, as most have cash value accounts that offer some form of tax-deferred accumulation. You can use your cash value to buy additional coverage, adjust the premiums downward or even generate tax-efficient income.

​Worried about your ability to afford retirement? You’re not alone. According to Gallup’s 2017 survey on Americans’ financial worries, 54 percent of those surveyed said they were concerned about not having enough money for retirement. That number is large enough to make retirement America’s No. 1 financial concern.1
 
Much of the stress surrounding retirement comes from the unknown. There are many variables and factors in retirement that are impossible to predict. You can’t know how long you will live or how long your retirement might last. You can’t know in advance what kind of health issues you may face. And it’s impossible to predict how economic factors could impact your retirement.