Disability Insurance Disability insurance is intended to replace lost income due to the occurrence of illness or accident. Consider whether you need to provide coverage for your family. It s important to make sure these types of policies provide adequate coverage. If not, an accident or other catastrophe could wipe out a large portion of your assets or cash flow and you may be unable to achieve your goals. Once you have covered your insurance and emergency-fund needs, you can start working towards your financial goals.
Most people find that the amount they are saving is inadequate.
If possible, earn more or spend less. Put a stop to discretionary spending. You might also want to take another look at your goals. Perhaps they need to be modified or the target dates need to be deferred. Once you ve accumulated a chunk of savings for each goal, you ll need an investment strategy.