If you saved a $100 a month, the difference in what you would have at age 65 (assuming a hypothetical 5% rate of return, which will vary over time, particularly for long-term investments) if you started at age 20 would be more than double the amount if you started 15 years later.
Let’s be realistic. If you have an adequate investment and pension portfolio, if you have made provisions for your health care costs, if you have no one relying on you for financial support, maybe, just maybe you can afford to retire. If not, life insurance is something you may want to consider.
As a parting gift for 2014, here are a few of our top posts that spurred the most comments, shares and likes. Enjoy!
When I was only 16 years old, my father passed away after a short illness. My parents had never purchased life insurance, so the only help we received was from the Department of Veterans Affairs, since my father was a disabled veteran. I think we received approximately $2,000. My father’s funeral cost at least double that figure.
My mother was now saddled with grief, debt and an uncertain future. I watched her hand-wring over how she would pay for the funeral. She didn’t know if she could provide for my sister and me. She freely admitted that we probably wouldn’t be able to keep our house. My sister was in college and my mom didn’t know if my sister would be able to stay there. My own college career was in deep jeopardy.
My father didn’t have adequate life insurance coverage. I have had to grow up quickly and work to help my mother. Had my father had life insurance we would not be in the position we find ourselves today. His death has made my future plans to attend college even harder to achieve. With the values my parents taught me, I have worked hard to achieve high academic accomplishments .