Retirement Planning Blog

Gone are the days when people used to get amazed while associating the term ‘retirement planning’ with ‘single’. There was a time when people considered retirement planning only for the couples. It’s a general conception that singles hardly need to have any retirement planning as they do not have any family or spouse to look after in the post-retirement days. The same emotion also get reflected in various books and articles on retirement planning as well, where you can find couples dreaming for a comfortable retired life. But the time is changing, so is the conception of human beings.

With each passing day, human beings get matured. They come to learn more about the life, its significance, values, and needs. The conception gets changed by the experience. Which was once considered for the couples, seems appropriate for the singles these days. People have come to realize that for a better retired life, it’s not only the couples who need a proper retirement planning, singles do also need the same. Being single doesn’t mean being neglected. The needs of the singles should be met with same importance as the needs of the couples.

With change of times, a growing number of singles are going for retirement planning these days. Let’s have a look at the available statistics. With the population touching 96 million mark, the singles make up 43 percent of adult population in the US. Among those, almost half are over 40 years of age. 13 millions of them never married. The number of divorce is also in the higher side. Thankfully, they all have come to realize the importance of proper retirement planning for a better future.

So, what should be the proper retirement planning for the singles? There can be many. However, the process must start from the psyche. As a single, you have to be more conscious while making your retirement planning. Singles have a tendency to spend too much of money, which often proves to be dangerous. The first thing that you need to do is to save a few bucks for your future days.

Once you have made the basic habit of saving money, you need to concentrate on the other aspects. Try to calculate your retirement income. You can use the traditional “three-legged stool approach”, which takes employer pension, Social Security and personal savings into consideration while doing the calculation.

Life is full of uncertainty and you never know what is in store for you for the coming days. Therefore, you always need to be prepared for any unwanted situations. Hence, your next job would be to get disability insurance for yourself. As a single, you won’t have anyone to look after you in your future days. Insurance can prove to be extremely helpful for you in those days. You should also make it a point to go for long-term care insurance.

Finally, do also make your estate planning. You may also need to do the extra planning to ensure who is going to get the legal rights to manage your assets.