If you ask most millennials about their planning, you’ll likely get an answer about their career, family or perhaps even a business they want to start. Millennials, generally defined as those born between the early 1980s and early 2000s, are so young that their focus is on immediate goals and challenges.

If you’re a millennial and you haven’t planned for retirement or other long-term goals, you still have time to do so. However, there’s one type of planning that you may not want to put off for the future. It’s estate planning, which involves a strategy for your assets and loved ones in the event of your death.

Granted, death may be a highly unlikely scenario at your age. Also, it’s not exactly pleasant to think about one’s own death. However, the issue is too important to ignore. That’s especially true if you have children or other dependents. Many people think estate planning is only for the wealthy or those nearing retirement. The truth is that it’s an important process for most adults. Below are a few ways in which you and your family could benefit from a simple estate plan.

However, there’s nothing exciting about early retirement if you’re forced into it before you’re ready. An unplanned or unwanted early retirement can lead to serious financial challenges, and it may hurt your ability to support yourself and your desired lifestyle through the remainder of your retirement.

Unfortunately, many workers face the threat of forced early retirement every year. For some, it could be due to layoffs or termination and difficulty finding a new job. Other workers may suffer an injury or illness that leaves them disabled and unable to continue working.

Either instance is a very real possibility as you approach retirement. If you should be forced into retirement without​ a plan in place, you could face serious financial difficulties. Below are a few steps you can take to prepare and protect yourself:

One of the biggest risks any family faces is the unexpected death of a financial provider. If you’re the breadwinner in your family, you may feel like death is an unlikely risk. That could be especially true if you’re relatively young and healthy. Death may not be a likely scenario, but it is possible. If you do pass away, your death could leave your loved ones with debt, a lack of income and other financial challenges.

You can use life insurance to minimize this risk. Unfortunately, many people don’t have life insurance because they feel it’s too expensive. A recent study by InsuranceQuotes found that nearly 40 percent of Americans don’t have life insurance.¹

The truth is that a wide range of policies are available to fit every type of budget. Term life insurance, in particular, is usually affordable for most people. If you’re on a tight budget or want to minimize your premiums, term insurance could be the right strategy for you.