“Being in a relationship isn’t for everyone. However, if you find yourself single in the long run, financial experts say you should be planning for retirement differently.”
When you are living an independent lifestyle, you’ll need to plan for retirement differently than someone who is married or has a life-partner, according to ABC Action News in the article “Single? How you should plan differently for retirement.”
Those with a partner can, in most instances, rely on their partner to help out with expenses and be a caregiver, if they should become ill. However, when you are single, or without children, you need to plan in advance, and you need to plan better.
Most important of all: making sure that decisions about your health and well-being are made the way you want them to be made, if you are not able to make them for yourself. You also want to be sure that the things you own, personal possessions and assets, are given to the people you want to have them.
If you rely solely on your own income, it’s necessary to have an emergency fund in place. It’s also a smart idea to have disability insurance. That way, if you need to stop working, you will have some income. Unless you have another stream of income or significant personal assets, you’ll need the benefits of disability insurance, especially if you are disabled and can’t work for an extended time.
Someone turning 65 has a nearly 70% chance of needing long-term care in remaining years. It’s important to have a network of reliable friends, so that someone you know and trust will be able to be named power of attorney for your health care decisions.
Whether you are single or married, you should have a plan in place for finances and retirement.
Make an appointment with an estate planning attorney to ensure that you have the proper documents in place for your estate plan. These documents including a will, power of attorney, healthcare power of attorney and others, will protect you, while you are living as well as ensuring that your wishes are followed after you die.
Reference: ABC Action News (Sep. 11, 2018) “Single? How you should plan differently for retirement”