Most specialists across the different financial security fields will confirm that there are three core essentials required to be financially stable. Certainly a household requires sufficient income and a budget.  

However, after those things are accomplished, a household first must be able to protect it’s assets and it’s future income from lawsuit.  Secondly, it should understand asset preservation.  Most Americans don’t understand that assets (including qualified plans) can be depleted significantly if medical needs arise.  

Additionally, the average worker isn’t aware of the disability income benefits, if any, that they are offered in their employer EOB’s.   Finally, many people fail to save enough money for retirement.  Others save without a true plan and don’t take things such as inflation, taxation or provisional income into consideration.  

Before deciding on the number needed to retire, people should begin with a distribution plan.  Much like how it is nearly impossible to save for a big expense without knowing the cost or the time we have to save for it, it is equally unsuccessful to select a savings goal for retirement without taking educated, well calculated assumptions into consideration.

Understand how they work together​