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Financial Planning for Older Single Adults

Financial Planning for Older Single Adults

October 24, 2021

Movie star Bette Davis famously said, “Old age is not for sissies”. Paraphrasing Bette, “Being single as we age is not for sissies”, either. At One Financial Services we believe that if you are widowed, divorced, never married, and/or have no children, you need to face the future with a plan.

That plan should include special strategies for retirement saving, health care, and estate planning, and identifying a support network you can call on.

Aging presents unique challenges for everyone, but single, childless seniors are lacking the backup that others take for granted like a spouse or adult children who can step in when needed. Those aging without a life partner or adult children need special strategies.

One of the first of those strategies is to identify your team, including extended family, trusted friends, and professionals who, if necessary, can help manage your finances, make medical decisions if you’re incapacitated, and prevent you from becoming isolated as you age.

It’s important to have a straightforward conversation with each of the people on your team. Determine their strengths and what they’re willing to do, and outline your plans or wishes so they understand their responsibility. Revisit these plans often, particularly if you’re counting on siblings or longtime friends who may have their own health issues, or on younger family members whose lives are still unfolding through new relationships and job changes.

Very importantly, you’ll need professionals in your corner. At One Financial Services, our team will take a comprehensive approach. By assessing your finances, and acting as a sounding board we will be with you to help guide you through this retirement journey while helping you gather the professional expertise, such as an estate planning or elder law attorney, that you need to feel safe and secure.

At One Financial Services, we consider our clients to be family. And like family, we aim to be with you every step of the way…

This information is not intended to be a substitute for individualized legal advice. Please consult your legal advisor regarding your specific situation.