How do you build your financial future when you’re single? In this webinar, Senior Financial Planner, Allison Alley, CFP® explains how to map out your retirement journey, create a budget, and manage debt, with specific strategies for every generation. Whether you’re a millennial, a Gen-Xer, or a baby boomer, Allison offers tips and strategies around emergency savings, Social Security, saving for retirement (including catch-up contributions), and managing your investment portfolio during market downturns. Throughout the webinar, Allison also answers viewer questions about retirement as a single person.

Download the guide to Going Solo: How to Navigate Your Financial Future Single:

00:00 – Intro
02:19 – Retirement Savings by Generation
04:12 – Millennials’ Solo Retirement
09:51 – Generation X Solo Retirement
20:15 – For the percentage of salary to save, are you referring to gross or net income after taxes and retirement contributions?
20:30 – How does the death of a spouse affect tax brackets and Roth conversion strategies?
22:06 – Baby Boomers’ Solo Retirement
33:12 – Can an ex-spouse collect spousal Social Security benefits at age 62?
33:50 – In a long-term live-in relationship, ages 38 and 37, keeping finances separate, never getting married. Does this change how we should each invest for retirement?
34:52 – Is the “Getting Off Course” slide referring to investments?
35:20 – Schedule a free assessment:
36:08 – Final remarks

Pure Financial Advisors, LLC is a fee-only Registered Investment Advisor providing comprehensive retirement planning services and tax-optimized investment management to thousands of people across the nation.

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IMPORTANT DISCLOSURES:
• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor.
• Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations.
• Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy.
• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
CFP® – The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation.
MSBA – The Master of Science in Business Administration (MSBA) degree is earned after successfully completing a bachelor’s degree from an accredited institution. A person holding this degree has pursued further study in an area of specialization (i.e. financial and tax planning). The typical length of time to complete the program is 1 to 2 years for full-time students.
AIF® – Accredited Investment Fiduciary designation is administered by the Center for Fiduciary Studies fi360. To receive the AIF Designation, an individual must meet prerequisite criteria, complete a training program, and pass a comprehensive examination. Six hours of continuing education is required annually to maintain the designation….(read more)

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retirement planning is something that most people don’t think about until they actually start nearing the age of retirement. However, it is crucial to start planning for retirement as early as possible, especially if you are single and in the millennial, Gen-X, or baby boomer generation. Being single brings its own unique challenges when it comes to retirement, but with some smart strategies, you can retire solo and still enjoy your golden years.

Start early and be consistent:
One of the biggest advantages single individuals have in retirement planning is the ability to start early. The earlier you start saving and investing, the more time your money has to grow. This is especially important for single individuals who may not have a partner to rely on financially. Aim to save at least 15% of your income each year for retirement and be consistent with your contributions.

Create a realistic budget:
Having a budget is essential for everyone, but it becomes even more critical when you are planning for retirement solo. As a single individual, you are solely responsible for your financial well-being, and having a clear understanding of your income and expenses is crucial. Determine your current expenses and analyze where you can cut back. By living within your means, you can save more for retirement and be better prepared for any unforeseen circumstances.

Maximize your retirement accounts:
Take advantage of employer-sponsored retirement plans like a 401(k) or 403(b) if available to you. Contribute enough to receive the full employer match if offered as this is essentially free money. Additionally, consider opening an individual retirement account (IRA) to further boost your retirement savings. Both traditional and Roth IRAs offer tax advantages, and the choice depends on your individual circumstances.

Diversify your investments:
Diversification is key to mitigating risk and maximizing returns. As a single investor, it is essential to create a diversified investment portfolio that includes a mix of stocks, bonds, and other investment vehicles. This will help ensure that your retirement savings are not overly exposed to market fluctuations and minimize the risk of losing everything with a single investment.

Consider long-term care insurance:
Long-term care can be a significant expense in retirement, and being single means you won’t have a partner to lean on for support. Consider purchasing long-term care insurance to protect yourself from exorbitant costs should you require extended healthcare assistance later in life. While it may seem like an additional expense now, it can provide peace of mind knowing you’re prepared for any future needs.

Plan for social connections:
Retirement is not just about financial planning; it also requires preparing your social life. Being single during retirement doesn’t mean you have to be alone. Joining social clubs, volunteering, or engaging in hobbies and interests can help create a sense of community and combat feelings of isolation. Building social connections can enhance your retirement experience and provide support when needed.

Regularly reassess your retirement plan:
Life is ever-changing, and your retirement plan should adapt to your evolving circumstances. Regularly review and reassess your retirement goals, investment strategy, and budget. As a single individual, you have the flexibility to make adjustments as needed. Stay informed and seek financial advice when necessary to optimize your retirement plan.

Retiring solo and smart is entirely achievable with proper planning and a solid strategy. By starting early, saving consistently, diversifying investments, and incorporating social connections into your retirement plans, you can retire solo with confidence and enjoy the financial security and independence you deserve.