4. Drop Unnecessary Insurance
Many people purchase insurance coverage when their children are young or if their spouse depends upon their income.
But if your children are financially independent and no one else relies on your income, consider dropping unnecessary coverage, says Ryan McPherson, a managing member of Intelligent Worth.
“There’s little need to pay for policies that have outlived their purpose,” says McPherson. “Saved premium dollars can be directed toward retirement savings or paying down debt.”
