Don’t be fooled because married people aren’t the only ones who need to make plans and consider estates.
Single people are generally not concerned with a spouse or children, but they do need to plan for their own retirements and for their own estates, according to Forbes in "5 Financial Planning Strategies For Singles," including:
- Single people should start saving for their retirements as soon as they possibly can. Most experts today believe people should save about 15% of their incomes for retirement.
- Because single people do not have a spouse's income to rely on in case of emergency, they should set some money aside for one. Six months' worth of income is a rule of thumb for emergency savings.
- If anyone is financially dependent on them, then singles should consider getting life insurance. This is especially important, if the dependent is a minor child.
- Single people do need estate plans so they can direct who should get their assets after they pass away.
- Single people also need to make sure that beneficiaries on any financial accounts, such as retirement accounts, are in place.
An estate planning attorney can advise you on creating an estate plan that meets your unique circumstances.
Reference: Forbes (July 5, 2017) "5 Financial Planning Strategies For Singles."