Are you retired or thinking about retirement?

Ask yourself, “Will my loved ones suffer a financial loss if I die tomorrow?”

A “no” answer usually suggests that there is no need for life insurance, but Forbes.com recommends that you think twice before giving up your policy.

I recently updated a personal financial statement for my bank and got a current view of my net worth. Which got me thinking…What’s a good net worth to have?

This reminded of a book I read a few years ago, The Millionaire Next Door. I really liked the book. As a general rule of thumb, the book offered up a formula for calculating what your net worth should be:

Target Net Worth = Age X Annual Pre-Tax Income / 10

Please remember that there are always exceptions to this rule. It’s always good to have a benchmark.