When it comes to financial planning, there are a lot of things a person must take into consideration. People may want to ask themselves what their life goals are and when they plan on retiring. If a person is the breadwinner in the family, life insurance may also need to be considered.
Research from Fidelity Investments shows that many people are socking their money away into various plans. Fidelity Investments Workplace Investing president James MacDonald notes that while people are saving, they are also borrowing money.
"The majority of participants continue to make saving through their workplace plans a priority," said MacDonald "However, the current economy has forced some workers to borrow from their 401(k) accounts in order to pay for critical living expenses, ultimately jeopardizing their future retirement."
If people struggle to pay their bills and find themselves borrowing from retirement accounts to make ends meet, it may be a good idea for them to revisit their budget. As people plan for retirement, they want to make sure they have enough money to live the lifestyle that they'd like and in some cases, leave money behind to heirs. Certain life insurance policies are designed to help generate income and may be a good option in some cases.