​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.

​Considering a term life insurance policy to protect your spouse, children and other loved ones? That could be a wise move. Risk management is the cornerstone of any solid financial plan. You can’t focus on achieving your goals until you minimize the risks that could undermine your financial future. There is perhaps no greater financial risk to your family than your unexpected death.
 
Life insurance is often an effective tool for managing this risk. You pay regular premiums to a life insurance company, and, in return, the company guarantees a lump-sum payment to your beneficiaries upon your death. Your premium amount is based on your age, health and other factors at the time you purchase the policy.