How to Protect Your Retirement Plan from Emergencies
It would be wonderful if everyone could save 15% of their income for retirement their whole lives, every year like clockwork. Unfortunately, once you get such a savings plan going, life tends to interfere -- you get sick, lose your job, get a divorce, or experience some other crisis. In those circumstances, it's important to take steps to protect your retirement savings plan.
Nearly every life crisis has some kind of financial impact. Even positive events can have a negative effect on your bank balances. For example, having a baby is wonderful, but you can count on seeing your expenses skyrocket as a result. When expenses climb and income doesn't, you need to balance your budget by spending less or earning more. One of the most tempting expenses to cut in these circumstances is your savings plan.
Image source: Getty Images.
Source: Fool.com
