Here is the remainder of the article written by Steven M. Greenwood, P.C. about how to plan for retirement if you find yourself to be single. As the Boomer generation ages, the amount of individuals who will find themselves to be single and without any children is increasing as indicated by current studies.
Many of then have not planned for the day when they will no longer be working or able to and this article has some excellent suggestions on what to consider when making a retirement plan.
This theme of this article is how to plan for your “single’ retirement now, before too many years have passed and you find yourself in your 60’s and without any sort of idea on how to live comfortably alone. Mr. Greenwood has some excellent suggestions to consider managing your future as you age and hopefully with abundant funds to maintain your lifestyle.
Planning Is Key
“Helping clients plan for the future is therefore even more important. Talk to them realistically about these facts so that they can be confident in their financial stability going into retirement, regardless of marital status.
Many clients may be reluctant to discuss or even think about the possibility of facing retirement alone, but those conversations are essential in order to ensure that the golden years aren’t filled with constant financial worries.
BMO recommends the following strategies:
- Plan for retirement as early as possible.
- Build and sustain wealth.
- Understand income and expenses.
- Consider changes in housing needs.
- Focus on social and emotional well-being.
- Devise a comprehensive health strategy (including end-of-life decision making).
Open a Dialogue
It’s essential that clients understand that inflation will increase costs across the board for all of their expenses, so they must have a comprehensive financial strategy going into their retirement years. This discussion should always include options for estate and tax planning, as well as how to grow their retirement savings.
I hope this article has helped you and your clients. As always, if you have a specific case or concern you’d like to discuss, please contact our office.”
Steven Greenwood, P.C.