Average Retirement Savings ' How Does Your Savings Stack Up?

You've been busting your butt, scraping by, trying to save as much as you can into your retirement accounts, but you never feel like it's enough.

Money is such a taboo subject that most of your co-workers don't feel like opening up about how much they have saved (or how much they wish they would have), so it's tough trying to gauge if you're even in the ballpark of actually retiring one day.

How do you know how you compare to the average retirement savings figure?

According to a recent survey, 51% of workers over the age of 55 have less than $50,000 saved for retirement. And 39% in that same age group have less than $25,000 in retirement savings. Those are frightening numbers if you consider that those people are very close to the typical age of retirement.

The Employee Benefit Research Institute regularly publishes the average retirement savings of different age groups. Recent findings look like this:

If you actually do the calculations, you will discover that these are scary findings indeed.

Half of all Baby Boomers don't have enough money saved for retirement just to cover basic needs.

What can you do? First, you need to figure out how much money you will need for your retirement. There are many variables that must be considered including:

• At what age do you plan to retire? If you are thinking about leaving the workforce early, you will need more money for retirement as you will be retired longer. Consider how long you will be retired. Not a thrilling thing to ponder, but crucial nonetheless.
• How much of your current income do you feel you will need on a yearly basis once you retire? A common percentage range is 65-75%. Be sure to think about whether you will want to travel or relocate. Some people would like to have money to leave to their children. If this is true in your case, you might want to work with a percentage closer to 100.
• Don't forget inflation. Figure about a 3% per year inflation rate. Say you make $100,000 yearly and have decided that you require 65% of that per year during retirement. It is not sufficient to multiply $100,000 by 65% and come up with a neat amount of $65,000. Adding in inflation means you need to multiply your yearly salary by 1.03 and then take 65% of that. Remember you'll have to factor a 3% growth each year! Although, honestly, inflation could be so much more by the time as you get closer to retirement. A sobering thought.

How to Get Your Retirement Savings Above Average

Once you come up with a rough estimate of what you will probably need for retirement, you need to start saving more. Seriously. With the average savings figures what they are, chances are you are not saving enough. Here are a few simple tips to kick your savings into gear:

1. Save more. Add to whatever you are currently putting aside. Even a small amount, over a number of years, will add up. Put aside the most you possibly can.
2. Take advantage of any plans your employer may offer. If you haven't already, find out if your place of work offers 401Ks. Many companies contribute matching funds up to a certain percentage of your salary. But make sure you know how your money is being invested. Just because Dave Ramsey says to 'get your free money first' doesn't always mean it's a good idea, especially if your clueless in how it's invested.
3. Open an Individual Retirement Account. Even if you have a 401K you can usually put aside extra funds into an IRA.

Remember, you may think you are prepared for retirement. But statistics show you probably aren't.

So, how do you stack up?

Tagged as: average retirement savings, baby boomers, prepare for retirement, retirement savings

The 11 Best Short Term Investments For Your Money Right Now

I have $65,000 that I need to invest but I want to make more than the bank is offering.  Where can get a high return with any risk?

<Sigh.>

Decisions, decisions...

This exact question was just asked of me the other day.

You would be surprised how often I get asked this.  More times than I can count!

We're in an eventful time where the stock market is behaving like a schizophrenic  and interest rates are at record lows ' again. (I've refinanced my house twice!)

Low mortgage rates are great, but how do you actually make money in the short term?

In such an unstable market, short term investing may be a safer alternative for investors.  Short term investing allows investors to invest their money with little or no risk, while knowing their money is not going to be tied up for long periods of time.

The typical short term investment is for several months, or a few years, and can be turned into cash or other short term investments when they reach maturity. (In the investing world, 'long term' investments are really long term ' often decades ' which leaves room for short term investments that can still last several years.)

Before I share the best short term investments for your money, I first want to share where not to put your money: the stock market.

This can mean individual stocks, mutual funds, ETF's ' whatever.  If you know you need the money back in the short term, the stock market is the last place you need to be.

Even if you think the market is down or your eyeballing a stock that has recently spiked lower than usual ' it's not worth it.

Too much can happen in the short term that can wipe out your principal with little time recover.

Capisce?

Short Term Investment Account Options

Here's what you need to know about the various short term investment accounts available to you:

1a. Online Savings Accounts

Want to be absolutely guaranteed that your investment will not lose any money while at the same time generating a little bit of a return? An online savings account is a great fit for that goal.

In using this account for short term investing you'll get:

• Guarantee to never lose principal on your investment as long as you keep your total deposit at the bank below FDIC coverage of $250,000.
• A small, risk-free return on your investment. Current interest rates are at around 0.75% to 0.85%. That's not enough to keep up with inflation, but it is a risk-free return.
• High liquidity. At all the quality online banks you are allowed 6 withdrawals per month from savings accounts. You won't have to worry about the price of an investment that you have to sell to get liquidity.

In using this account for short term investing you'll miss out on:

• Potential higher returns from other types of investments.

1b. Online Checking Accounts

Likewise, an online checking account can also serve short term investment needs. You get many of the benefits of an online savings account with even more liquidity because the number of withdrawals isn't limited.

Since you would be storing your money in a checking account rather than a savings account, you do take a hit on the interest rate. Unfortunately (or fortunately!) interest rates are so low that the difference isn't as significant as it could be.

In using this account for short term investing you'll get:

• A guarantee to never lose principal on your investment as long as you keep your total deposit at the bank below FDIC coverage of $250,000.
• A small, risk-free return on your investment. Current online checking interest rates fall between 0.20% to 0.75%. That's not enough to keep up with inflation, but it is a risk-free return.
• Extremely high liquidity. You get unlimited withdrawals via transfer, debit card, or ATM use with online checking accounts.

In using this account for short term investing you'll miss out on:

• Potential higher returns from other types of investments, including savings accounts if you don't need daily access to the money.

2. A Roth IRA

I know what you're thinking, 'Jeff, the Roth IRA is NOT an investment'.   Yes, I get it.  But let me explain why one of my favorite retirement accounts also can work as a short term investing account.

With all other types of retirement accounts ' from 401ks to Traditional IRAs ' if you withdraw funds before retirement you get hit with an early withdrawal penalty and income tax.

The Roth IRA is different. You fund your Roth with after-tax income which means you are free to withdraw any contributions (not earnings on those contributions) at any time you want. It isn't recommended because you would much rather the money stay invested, but it does give you the option to set money aside for retirement now and withdraw it if times got tough.

I see too many people not save enough for retirement. Funding your Roth IRA allows to get a hard start on this.

In using this account for short term investing you'll get:

• The ability to withdraw funds. Transfers take a few days and you may have to sell investments at inopportune times in order to cash out.
• Potentially higher rates of return. With a Roth IRA you get access to other types of investments like mutual funds, ETFs, and bonds to earn a higher rate of return.

In using this account for short term investing you'll miss out on:

• Risk-free returns. When you invest your money into stocks, bonds, mutual funds, and ETFs you are accepting risk for a potentially higher return.
• FDIC coverage. If your brokerage fails you will be able to file a claim with SIPC coverage, but it won't cover investment losses ' just losses from the failure of your broker. (That's why it is so important to find a great place to open your Roth IRA.)

Just remember, if you think you need you're money in the short-term, avoid the stock market for now. If you realize that part of the money can now go towards retirement, then you can shift it over.

4. Money Market Account

Money Markets are currently paying a higher APY than CD's.  Investors familiar with the discipline of owning a CD can earn a higher return with a Money Market and still have immediate access to their funds.  Money Market accounts provide depositors with ATM cards, checks and deposit slips.  Money Market accounts are based on the account balance, not the length of time you invest your money.  When CD rates begin to rise, clients can move their money from the Money Market without paying a penalty for early withdrawal.

Short Term Investment Options

Here are some investments you could use with the above accounts.

5. Short Term Bond Funds and ETFs

Short term bond funds are products managed by a professional advisor.  Bonds are not as stable as money markets, but offer the potential to earn a higher yield.  These bonds are a product of the market and will pay out according to the market's current condition in fluctuating monthly payments.  Short term bonds usually mature in terms within 2 years or less.

6. Certificate of Deposits (CD's)

Banks offer a variety of terms for their deposit accounts, ranging from 3 months to 5 years, depending on the investor's needs.  CD's allow depositors to invest their cash for a specific length of time.  The longer the term of investment, the higher the yield will be.  A client wishing to receive monthly interest payments can elect to do so at the time of application, or chose to let the interest accrue until the CD matures.

The only downside to a CD is if you need to pull money out before the maturity date you will pay a fee. The fee is usually equivalent to 3 months worth of interest.

Short Term Bonds

There are three main short term investments within the bond category you could consider.

7. 5-Year Treasury Inflation Protected Securities

Treasury Inflation Protected Securities, also known as TIPS, are government bonds that are indexed to inflation. The interest rate on a TIPS is fixed, but the underlying value of the security rises with inflation as measured through the Consumer Price Index. You might only get 0.5% in interest (paid semiannually), but over 5 years the value of the bond might increase 2.5% per year. The end result is at the end of the term your initial investment will be worth as much as it was when you first invested, plus you get a small bit of interest on top of it.

You can buy TIPS directly from the government at TreasuryDirect.gov. However, due to TIPS interest being taxable, most investors prefer to invest in a TIPS ETF or mutual fund. To purchase shares of an ETF or mutual fund you will need a brokerage account.

8. Municipal Bonds

Municipal bonds are slightly more risky than TIPS and other Treasury investments, yet a majority of municipalities do not default on their bonds. The more significant risk is interest rate risk. In a low interest rate environment, if rates rise in the marketplace, the value of the bond decreases to compensate. If you could get 4% on a municipal bond today, that's a great return. But if rates go up and your bond loses 6% of its value, you're suddenly on the losing side of the equation. However, the decrease in the value of the bond only impacts you if you sell before maturity. If you hold the bond to maturity you will get 100% of your initial investment back plus the interest yielded to you.

If you're looking for short term investments, you could buy a bond from someone else that was closer to maturity through a major brokerage firm.

9. Corporate Bonds

Likewise corporate bonds are even more risky than municipals and Treasury bonds because they are not backed by a state, local, or Federal government. With the increase in risk you get an increase in rate of return. The same interest rate risk issue applies to corporate bonds; holding to maturity will eliminate this one piece of risk.

10. Pay Off High Interest Debt

Looking for a great return on your investment? Pay off your high interest debt. If you have a credit card with a 15% interest rate carrying a $10,000 balance you have an opportunity for a great return on your investment. If you pay off that debt it is like getting a 15% return on $10,000.

There are few investments that will earn the high returns of paying off debt. Not only are you getting a great return on investment, you're saving money from future costs and bettering your overall financial situation. It's the ultimate win-win.

11. Peer to Peer Lending

Peer to Peer lending websites allow for investors to broaden their investment portfolio by spreading out the investments and reducing their risk.  These websites are a tool that connects investors to qualified consumers in need of a loan and allow investors to become the bank, providing a small percentage of multiple borrowers' loans.  Investors purchase notes and receive a monthly income in the form of loan repayment and interest.

Peer to Peer Lending Websites:

Lending Club sets the interest rate on notes based on specific credit criteria.  Lending club only accepts desirable borrowers, reducing the risk for default and potential loss for the lenders.  Lenders may start out small and increase the amount of money they are willing to lend as their confidence in the company grows.  Lending Club offers loans from a few hundred dollars to over 10,000 dollars.

Here's a video that walk you through the Lending Club investment process. You can also see my review post on Lending Club.

Prosper does not set a specific interest rate for borrowers.  The website connects borrowers and lenders through online auction-style bidding.  Lenders are in more control of their monthly income, by accepting an interest rate they are comfortable with. Borrowers list their loan and the highest amount of interest they are willing to pay.  Lenders bid the interest rate down based on the lowest amount of interest they are willing to accept.  This feature provides the stability of a predictable, high yield income on the notes.

If you need more info, check out our review post on investing with Prosper.

What do you do for your short term investing?

Tagged as: bond ETF, bond mutual fund, CD, certificate of deposits, corporate bonds, high interest rate debt, individual bonds, money market account, municipal bonds, online checking accounts, Online Savings Accounts, pay off debt, peer to peer lending, Roth IRA, short term investments, TIPS, Treasury Inflation Protected Securities

Dave Ramsey Might Think I'm Crazy. Here's Why:

When I first read, Total Money Makeover, back in 2003, I was excited to find another personal finance expert that shared my recommendations regarding saving for retirement.

One of Dave's core tips regarding investing is,

Get your free money first with your 401(k) match. After that, take advantage of the Roth IRA to get your tax-free money. Then go back to the 401(k) and max it out.

This is the same advice that I've been giving to individuals ever since I became a financial advisor.

But over the last year or so my opinion has changed. What I've realized is that the majority of people that save in their 401(k) s have no idea what they're doing.

They've usually let their employer decide where to put their money and they never really have no clue in what they are investing into. 

Are you one of these people?

{Ahem.}

Because of this, I have changed what I believe.

The Change

Yes, that's right Dave.

I'm a big believer and lover of tax-free money and, if available, to me I'd max out my Roth IRA in a heartbeat.

Unfortunately, I'm one of the unlucky ones that doesn't qualify.

Note: Not sure if you qualify?  Check out the most recent Roth IRA Rules.

So you're probably wondering why would I advocate first going to the Roth IRA instead of the 401(k)?

I don't blame you for questioning. Here's my logic'.

What I See

I believe that people need to have more of a hands-on approach with their investments. By having to open a Roth IRA it requires you to go out and do research in where the best place is to open a Roth IRA.

You'll then have to figure out a way to get the money into it, and forced to learn how to choose the investments you place inside it. At worst, you'll have to sit down with a financial planner to help you make sense of it all.

Essentially, it makes you do some work; it makes you have some stake in the game ' your game!

Without any stakes in the game you'll just go through the motions and never really know where or how your money's being invested.

What About Taxes?

Is there some flaws in my logic? Of course there is! Any tax expert could punch holes in this concept all day long.

But here's what I know: I've talked to several, potentially hundreds of people over the years that don't have the slightest clue what they are doing with their retirement money which is most often their 401k.

This needs to stop.

You think Dave Ramsey will call me nuts?

Let me know in the comments below.

Tagged as: 401k Match, Dave Ramsey, Roth IRA, roth ira rules

5 Questions to Ask Yourself Before You Buy Something

So often, we buy something, sure that we 'need' it, only to find that it's not really something that we use again, or that we truly need.

Before you buy something, it's a good idea to ascertain that you actually need it, and that it fits in with your long-term financial priorities.

Before you buy something that you 'need,' take a step back and determine whether you really should buy that item. Here are 5 questions to ask yourself ' answer honestly:

1. Can I Really Afford It?

First, you need to determine if you really have the money for the item. Can you truly afford it? You need to make sure that the purchase isn't going to land you in debt.

Additionally, you don't want the money you spend on this item to detract from something else you might want to buy ' or something that you truly do need. Make sure that the item is actually affordable before you buy.

2. What Will I Do With It?

What are your plans for the purchase? Really think about what it will accomplish in your life. Will you be able to forward a specific goal you have? Will using the item contribute to your overall quality of life? Really think about your plans for the item, and consider a realistic plan for its use.

3. How Often Will I Use It?

Next, determine how often you will use the item. If you are buying something that you are unlikely to use more than once or twice, it doesn't often make sense to complete the purchase. There are other ways you can get what you need for a one-time use.

Be honest about how often you are likely to use something.

You might realistically use a coffee maker every day, so it makes more sense to buy one as opposed to buying a blender that you might only use a few times and then set aside. From a treadmill to high-end cross-trainers to a new book, think about how often it will be used. Don't buy items that you probably won't actually use much.

4. Do I Really Even Want It?

Figure out why you want to make that purchase. Examine your motives. Do you want to buy the item because you want it? Or are you trying to impress someone? Many of us think we want something, when really what we want is to look good in front of friends and family.

Before you buy something, do some serious consideration. If you are making a purchase primarily because you think you 'should' have it, and not because you actually want it, or you believe it will make your life better, then reconsider.

5. Can I Borrow It?

If the item is something you won't use much, and something that you don't particularly care to own, it might be worth it to borrow it. If you can borrow something, it doesn't make sense to buy it ' especially if you can borrow it for free, or for a low cost. If you aren't sure whether or not you will like a book, check it out of the library first. Borrow power tools that you don't use much. When something needs to be hauled (which isn't often), we borrow my parents' van.

Take the time to reconsider before you buy something. You just might find that you don't need to buy it after all.

Tagged as: budget, finances, frugal, money

The Social Media Afterlife: What Happens to Our Social Media Accounts if We Die?

If you haven't gathered this yet, but I'm kind of a Social Media junkie.

I've got accounts at the usual suspects: Facebook, Twitter, LinkedIn and YouTube.

In case that wasn't enough, I've also jumped on the Instagram, Google + and Pinterest bandwagon, too.

As a small business owner, I'm always looking for unique ways to market myself and social media is an easy (and free!) way to do it.

But have you ever thought about what happens to all your social media accounts if you die?

Okay, maybe it's a morbid thought, but curiosity got the best of me and I was interested to find out if our online profiles are immortal.

Here's a look at what happens to our social media accounts after we die. R.I.P.

Facebook

If you pass away, your page won't disappear ' unless you or your loved ones decide that it should.

Facebook adopted a policy of 'memorializing' the pages of deceased users. When an account is memorialized, no one can log into it any further. Memorialized pages are taken out of Facebook's powerful general search option, but their walls remain open for tribute postings by Facebook friends. In fact, only friends can see the profile/timeline.

Memorialization isn't the only choice available. An account can be taken down if 'verified immediate family members' or executors request. To submit such a request, you log into Facebook, visit the Facebook Help Center, and visit Basics » Manage Your Account » Privacy. A link gives you an opportunity to notify Facebook of a deceased user, and this leads to a simple form.

Besides the basics (full name of user, page URL and the dead user's email address), you must report your relationship to the user and state if you want the profile to be removed or not. It also asks for you to upload the death or birth certificate of the deceased, or another file document showing 'proof of authority' to report the death under local law. While that sounds simple enough, parents of a deceased son ran into complications trying to get access to his Facebook account.

An interesting development: in 2012, an Israeli company called Willook created a free Facebook app called If I Die. The app asks you to appoint three 'trustees' for your Facebook profile. These trustees can use the app to confirm your death, whereupon your final status updates and videos will appear on your profile, either all at once or according to a schedule. There is no limit to the number of post-mortem status updates and videos you may create.

LinkedIn

The 'world's largest professional network' might memorialize your profile if you pass away. In its privacy notice, LinkedIn states: 'If we learn that a User is deceased, we may memorialize the User's account. In these cases we may restrict profile access, remove messaging functionality, and close an account if we receive a formal request from the User's next of kin or other proper legal request to do so.' So the policy mimics Facebook's, though memorialization is not a given.

Twitter

When it comes to deactivating accounts of deceased users, Twitter takes a very thorough approach. You must actually mail or fax the requested documentation to its San Francisco headquarters.

As its Help Center notes, Twitter requires you to provide

It only accepts this documentation from 'verified immediate family members' or executors (specifically, 'a person authorized to act on behalf of the estate').

When a Twitter user dies, no heir, relative, friend or executor can log into the account ' no one. Its policy states, 'We are unable to provide login information for the account to anyone regardless of his or her relationship to the deceased.'

Your digital assets can be managed after your passing. Websites like Legacy Locker and DataInherit exist to help people safeguard and convey online data to heirs. Sites such as Great Goodbye, Great Respectance and 1,000memories serve as portals for last emails, last videos and posthumous online tributes. Considering all this, it seems that the online world may be more ready for our passing than we are.

 

Best Steak Chili Recipe Ever ' It Has 3 Meats!

Can you say'.. 'Chili Time'! Yeah, baby'that's right.

For the third consecutive year, I'm participating in the 100 Man Who Cook ' a local fundraiser that rounds up 100 of the best male chefs around.

You're probably wondering why they asked me ' good question! I have no idea.

Since I've very limited in the dishes I can prepare ' you can see my easy shrimp pasta recipe and my easy chicken pasta recipe ' but other than peanut butter and jelly on wheat toast; that's about all I got!

My signature dish, by far, is my 3 meat steak chili recipe. And if I must say'.it's the best chili recipe ever!! It's so good that I filmed a video about it (see below).

If you can't see the video, click here.

Alas, I can't take full credit for it. The recipe was initially inspired from Jeremy from GenXFinance and his award winning steak chili recipe.

I won't share the entire ingredients here ' you'll have to check out Jeremy's post to find those out. I will share what I tweaked about the recipe to make it my own.

Chili Recipe Tweaks

For the most part I left the chili recipe as is, but after making it the first time I felt that it needed something. I just wasn't sure what.

The recipe calls for 3 pounds of steak and while I love steak, it was almost too much. I decided instead to replace 2 pounds with ground beef and I must say it's awesome!

The second change was adding a bit more spice. I'm not a big fan of Tabasco sauce so I eliminated it. Instead I added a second poblano pepper. Yes, a second! Can you say blazing?

I wasn't familiar with poblano peppers until this recipe and I must say they are HOTT. Warning: do not rub your eyes when cutting these puppies. Your eyes will sting. Yes, I'm speaking from personal experience.

Lastly, I always add an extra can of crushed tomatoes and sometimes will add smaller cans of tomato sauce. It all depends how soupy you like your chili. I'm more on the soupy side so adding the extra cans makes all the difference.

Bonus: As an added bonus, I've recently been experimenting this as a chili mac recipe by cooking some elbow macaroni to go with it. I must say it makes the chili that much better ' if that's even possible. If you go this direction, if will definitely set you apart. I mean, c'mon. Who actually makes a 3 meat steak chili mac recipe? No one until now.

Bon Apetit!

Tagged as: best chili, Frugal Recipes, steak chili recipe

Life Insurance 101: Types of Life Insurance Explained

Types of Life Insurance

In case you didn't know, In-N-Out Burger is my most favorite burger joint ever. {Shocker!}

Other than having the best tasting burger around, I'm also very intrigued by their simplistic menu.

Only offering the basics ' burgers, fries, drinks and milkshakes ' it's minimalist menu does not overwhelm me to the point of where I have no idea what to order. Taco Bell on the other hand'.yikes!

When many people think of life insurance, they usually think of one basic type: term.

It's the most popular and the most often purchased, but; in the life insurance menu of options it's not the only choice. Far from it, actually.

There are actually many different types of insurance policies to choose from. Here's a Life Insurance 101 look at some of the basic types of life insurance policies explained.

Different Types of Life Insurance

There are generally four types of policies to look for and different considerations with each one.

1. Term Life Insurance: This kind of policy will maintain a certain premium for a distinct time period, after which you can opt to continue coverage with a premium that increases annually. You might decide that you want life insurance for 15 years with guarantees that your premiums will remain fixed. If you have a fixed budget, this might be especially useful. This is the cheapest kind of life insurance because it's based on a fixed time period, but know that it doesn't generate any cash value. Another variation of term life is return of premium insurance
2.  Universal Life Insurance: More expensive because these products offer a cash value and are tax free. Also, you have the option of borrowing against the policy. Universal Life Insurance is more flexible in that you can adjust the premiums paid per month, useful if your income varies over time. You just have to ensure that you pay enough to keep the policy valid and in effect. There may be a death benefit option that can either increase or reduce the death benefit as needed.
3. Whole Life Insurance: Lifetime protection that offers a guarantee on the death benefit and guaranteed cash value for a guaranteed premium (also tax free).  This is often one of the most expensive kind of life insurance, but may pay dividends (refunds of unneeded premium) that can be used in a variety of ways.
4. Equity Index Life Insurance: Equity Index Universal Life Insurance is a form of whole life insurance which includes an investment portion where your earnings are tied to a market index.  Cost is higher than whole life, but there is 'potential' to have more over long-term since it does have some tie to the stock market.

Understanding the 'Cash Value'

When an insurance policy contains a guaranteed cash value for a guaranteed premium, it means that the premium is larger at the beginning of the policy than it would be in a term policy so that the additional premium can be invested in a 'separate account' controlled by either the insurer or the policy holder in order to grow the cash value.

Whatever gains are earned can be used in a few different ways: to increase the death benefit, to borrow against for some later use or to keep the policy in effect so that you can stop paying monthly premiums. If you have a cash value policy, it's best to hold it until death or retirement so you can allow for probable gains.

A Closer Look at the Tax Benefits of Life Insurance

These tax benefits within a universal life insurance policy are similar to 401ks and IRAs. Annual earnings on the investment part of the policy don't get taxed, and any taxable gains when cashing out on a policy can be reduced by the amount of insurance protection the plan provides. Furthermore, in the case of death, the policy holder's gains usually aren't taxed.

Such policies can offer a range of investment options, including stocks, bonds, balanced mutual funds, international mutual funds and money market accounts. When deciding to invest, work with an advisor just as you would a financial advisor, and always invest just as much as you foresee needing, neither more nor less.

If you're still in the exploratory stage, there are many free tools available online, including Genworth Financial's Budget Calculator, that can help you as you look into life insurance options.