Singles (Financial) Therapy: How to Plan for Retirement on Your Own
March 25, 2019
SINGLES ARE DELAYING—or opting out of—marriage. Divorce rates are up. And widowhood can strike when least expected. As a result, more and more people these days are finding themselves planning for retirement on their own.
Without a dual income to work with, building a comfortable nest egg can be challenging. “It requires a new, more focused way of thinking about retirement planning,” says Debra Greenberg, director, Retirement and Personal Wealth Solutions, Bank of America Merrill Lynch.
“It’s a myth to think that a single person’s expenses are only half of a couple’s,” Greenberg notes. “Saving enough to cover all your expenses in retirement can be more challenging when you only have one income to work with,” she says. “You need to be even more diligent than if you had a spouse or partner saving along with you. Talking with a financial advisor can help you create a plan to double down on your preparations.”
Below, Greenberg offers ways to address three of the biggest retirement challenges single people can face.
For more tips and insights to help you plan ahead for your retirement, health care and estate planning needs, read The Best Retirement Advice? Be Flexible, Health Savings Accounts Explained and How Do You Want to Be Remembered?
Use our personal retirement calculator to see how much more you may need to save and invest. Then talk with a financial advisor about the strategies that might make the most sense for you.
