10 Retirement Pitfalls: Not Having Insurance

Accidents happen and usually they’re expensive. When you’re lucky enough to have an accident that isn’t expensive, hopefully you have an emergency fund to help you through it; when you’re unlucky and have an accident that is expensive, hopefully you have some sort of insurance that can cover it. If you don’t have insurance to cover a fire, illness, major auto accident, or any natural disaster – get it. It’s like a reverse lottery that you don’t want to win, but if you do you want to make sure you’re covered. If you’re not, paying for an accident could put a severe damp on your retirement saving (or even force you to dip into existing retirement savings to cover the gap).

Source: Yahoo Finance