The number of single Americans continues to rise, and these adults are having a harder time preparing for retirement than their coupled counterparts. They are completely responsible for the costs of their home and other assets, but they still deserve to be able to enjoy their retirement. Here are some tips for singles who want to begin their retirement planning.
Start saving as early as possible. The sooner you begin contributing to a retirement account or setting money aside, the bigger nest egg you will have when retirement comes. Doing so right out of school would be extremely beneficial for you.
It would be beneficial for singles to look into a stand-alone life insurance policy that covers long term care for a disability or illness, to ensure that you will receive the care you need if and when that time arrives, just in case you don’t have any family to provide you with care. An indexed universal life policy can be paid into until the time you stop working, and can also function as an additional form of savings since it can be withdrawn tax-free.
Make sure you’re clear on your retirement options. Don’t rely solely on your company’s retirement plan if you aren’t completely clear on the terms. If you’re making investments as a part of your savings, make sure you have a firm understanding on how stock prices can affect you.
It would be beneficial to have a few months’ savings handy in case of any emergencies, to keep yourself from spreading too thin. You also want to check your tax returns to make sure you’re having the right amount withheld every year so you stay on track.
Singles who have recently divorced will have a period of financial recovery as a result, and you want to make sure you are claiming proper dependents and assets according to the terms of divorce that were drawn up.
In any of these cases, it would be wise to hire a financial advisor to help you manage your finances and understand all opportunities you have. There are a lot of experienced financial advisors in the Boca Raton area, and you can search the web to make appointments to talk with an advisor and decide who would be the right fit for your needs. Ask them the services they offer and fees to make sure they are the right fit for you.