Single people can and do retire comfortably. Many of the retirement planning concepts are the same as they are for couples, but it’s wise for singles planning for retirement to pay extra attention to long-term care and other topics.

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With Social Security or a pension, you get a base of income. If that’s not sufficient to cover your after-tax spending needs, you typically supplement that income by spending from your retirement savings—your 401(k), 403(b), IRAs, etc. Most people don’t “live off the interest.” Instead, they spend down their assets, so it’s important to have a robust investing and income plan that accounts for taxes, inflation, unpredictable markets, and other surprises.

See the most important aspects of retiring as a single person, and get a preview of what financial planning might look like. Since we can’t predict the future, the best you can do is make some assumptions and run multiple what-if scenarios. That process helps you make educated guesses and envision how retirement might unfold.

CHAPTERS:
0:00 Intro
0:10 How Many People Retire Single?
0:46 Average Retirement Income for Singles
2:13 Friendly Reminder
2:33 How Much Does a Single Person Need to Retire?
5:00 Single Retirement Example With Right Capital Planning Software
7:35 Tips for a Comfortable Retirement

RESOURCES MENTIONED:
How to estimate your spending need in retirement: and
How to withdraw from your savings:

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IMPORTANT:
It’s impossible to cover every detail and topic in a video like this. The only thing that’s certain is that you need more information than this. Always consult with a CPA before making decisions or filing a tax return. This is general information and entertainment, and is not created with any knowledge of your circumstances. As a result, you need to speak with your own tax, legal, and financial professional who is familiar with your details. Please verify with your plan administrator when employer plans are involved. This information may have errors or omissions, may be outdated, or may not be applicable to your situation. Investments are not bank guaranteed and may lose money. Opinions expressed are as of the date of the recording and are subject to change. The Comments section contains opinions that are not the opinions of Approach Financial, Inc., and you should view all comments with skepticism. Approach Financial, Inc. is registered as an investment adviser in the state of Colorado and is licensed to do business in any state where registered or otherwise exempt from registration….(read more)

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retirement planning for Singles: Building a Secure Future

retirement planning is a crucial aspect of personal finance, and while it can seem daunting for many individuals, it becomes even more complex when approached by singles. Without a partner to rely on, singles have unique challenges and considerations when it comes to securing their financial future.

While being single can have its perks, it also means shouldering the responsibilities of retirement planning independently. However, with early and thoughtful financial planning, singles can build a secure future and enjoy a comfortable retirement. Here are some key factors to consider when it comes to retirement planning for singles:

1. Set Clear Goals: Start by envisioning your desired retirement lifestyle. Determine how much income you will need to maintain that lifestyle and consider potential health care costs and other unforeseen expenses that could impact your finances. Having a clear retirement goal will help you stay motivated and focused on saving.

2. Create a Budget: A budget is essential for anyone, regardless of their marital status. Analyze your income, expenses, and spending habits. Identify areas where you can cut back and redirect those funds towards retirement savings. Being mindful of your spending will not only free up more money for retirement, but also help in building an emergency fund.

3. Maximize Retirement Contributions: Take full advantage of retirement savings vehicles like individual retirement accounts (IRAs) or employer-sponsored plans, such as a 401(k). Singles often have more flexibility in contributing larger amounts to retirement accounts, allowing them to potentially accumulate more wealth over time.

4. Diversify Investments: Building a well-diversified investment portfolio is crucial to mitigate various risks involved in retirement planning. Consider investing in a mix of stocks, bonds, and real estate. Diversification helps spread the risk and allows for potential growth and income throughout retirement.

5. Insurance Coverage: Singles should ensure they have sufficient insurance coverage, especially health and long-term care insurance. A sudden illness or disability could significantly impact your savings, making insurance coverage an essential safety net.

6. Estate Planning: Without a spouse, estate planning becomes even more critical for singles. Consider consulting an estate planning attorney to create a will, set up a durable power of attorney, and establish a healthcare proxy. It ensures your assets are distributed according to your wishes and helps avoid potential legal battles among family members.

7. Seek Professional Advice: retirement planning can be complex and overwhelming. Consider working with a certified financial planner (CFP) who specializes in retirement planning for singles. They can provide personalized advice and guidance based on your specific needs and circumstances.

8. Build a Support Network: Being single doesn’t mean you have to navigate retirement planning alone. Join retirement planning groups or seek advice from friends, family, and colleagues who have experience with retirement planning. Sharing and exchanging knowledge can prove invaluable throughout your retirement journey.

Remember to regularly review and reassess your retirement plan as personal circumstances evolve. Life can change, and being adaptable and proactive will ensure you stay on track towards achieving your retirement goals.

retirement planning for singles requires careful consideration of both financial and personal circumstances. By taking a proactive approach, singles can lay a strong foundation for a secure future. With a solid retirement plan in place, singles can embrace their independence and enjoy a rewarding retirement.