Many Workers Have to Retire Earlier Than Planned. Here’s Why

This week in our Retire with Money Facebook group, members discussed umbrella insurance. A poster asked, “Is umbrella insurance worth buying or a scam?" Umbrella coverage sits on top of your existing insurance — auto, homeowners, etc. — and provides additional liability protection. It’s definitely not a scam, but whether it’s right for you is another question. Members were generally in favor. “I have one for $2mil. It’s certainly worth the $120 per year.” Another said she paid $300 for the same $2 million of coverage. Your costs will depend on your individual risk profile, where you live and other factors. My family has had an umbrella policy for about 10 years, and while we've never used it, it gives me peace of mind.

You have until May 17 to contribute to an IRA. Traditional IRAs give you the opportunity to help reduce your taxable income. Roth IRAs allow you to grow your potential earnings tax-free, and qualified withdrawals in retirement are also tax-free. You can also roll over your old 401(k)s to an IRA, so you have one centralized location for your retirement savings. With a Fidelity retail IRA, there are no account fees and no minimums to open. Act soon—you can still contribute up to $6,000 ($7,000 if you are over age 50).

Why Investors Should Ignore the Old Wall Street Adage ‘Sell in May and Go Away’

“Any investment strategy that you can summarize in a rhyme is probably a bad strategy.” CNBC

Finding Your Purpose by Helping Nonprofits in the Pandemic

5 Mistakes Couples Make When Planning for Retirement

Take the taboo out of the money conversation, and other tips. AARP

What Happens to Your Digital Assets When You Die?

Don’t neglect this important part of estate planning. KIPLINGER

Elizabeth O'Brien is deputy editor at Money. She has covered retirement and health care for nearly a decade. A Brooklyn resident and mom of two boys, she navigates the alphabet soup of Medicare and the New York City subway system with equal ease. You can email her at elizabeth.obrien@money.com and follow her on Twitter at @elizobrien.