Retirement planning differs for single folks

Retiring single has its privileges and challenges. There’s freedom, and there’s financial responsibility, which some people may find daunting. These sites help sort out the issues and answers.

The Women’s Institute for a Secure Retirement, at Wiser Women.org, provides this retirement planning page with links to retirement calculators, explainers on reverse mortgages, pensions, divorce, veteran’s benefits and a whole lot more. tinyurl.com/WISERplanning

“Living alone as you approach retirement is hard work,” notes this post at TIAA-CREF.org, the financial-service firm for employees of nonprofits. The page aimed at single women in their 60s goes on: “Solid planning and good financial advice are important factors in transitioning smoothly into this next phase of life. There is no one-size-fits-all approach to retirement, so it’s important to make smart moves now to help make your next act be all it can be.” When it comes to making investment choices — which, a cited survey said, more women than men are uncomfortable making on their own — the post recommends some self-teaching at websites such as Morningstar.com, Fool.com and TIAA-CREF’s own Advice &Guidance. tinyurl.com/CREFSingle65

The Canadian website Money Sense.ca carries this post about “going it alone” in retirement. It’s basically a case study about two single sisters — one a widow, one divorced — and their complaint that most of the retirement advice they were reading applied to couples. Writer David Aston admits that’s true. For one thing, you cannot simply look at what a couple need for a retirement nest egg and divide that figure in two to find out what a single person needs. “The fact is, singles will have to save more for retirement on a per-person basis than retirees who can split the load with a partner,” Aston says. That’s one of his “grim facts,” but he’s got good news, too, especially for those single people who haven’t had to spend potential savings on raising children. tinyurl.com/MSGoingAlone

The “Single Person’s Guide to Retirement,” at Bank of America’s MerrillEdge.com, echoes the notion of “freedom from certain family financial obligations” as a possible advantage of the unattached life that can help singles save for their retirement. But it also acknowledges the financial challenges of saving on a single income and passing an estate on to heirs who may not be immediate family members. The page has a basic outline for making a plan, making saving a habit, building a safety net that might need to include long-term care insurance, and getting “your legal house in order” with a health care directive and designating powers of attorney for your finances and health. tinyurl.com/MerrillSingle

&Copy;2014 The Philadelphia Inquirer

Visit The Philadelphia Inquirer at www.philly.com

Distributed by MCT Information Services

More in Herald Business Journal

Best foot forward: Ferndale company to make custom shoes easy

Long specializing in insoles, Superfeet is putting 3-D machines in stores to make customized shoes.

Glitches slow Boeing, SpaceX plans for human spaceflight

Boeing has an issue with its abort system that may cause the spacecraft to “tumble.”

Planemaker joins forces with auto-industry supplier Adient

The new venture poses a threat to Zodiac Aerospace and Rockwell Collins

Alaska Airlines has selected destinations for new service from Paine Field. (Alaska Airlines)
Alaska Airlines will fly from Everett to 8 West Coast cities

Two destinations that didn’t make the list were Spokane and Hawaii.

Port of Everett CEO Les Reardanz has been called up and will be spending much of the year away from his office. He is going to Afghanistan. (Dan Bates / The Herald)
Port of Everett CEO reporting for duty — in Afghanistan

Les Reardanz has been called to active duty with the Navy for an eight-month deployment.

Boeing opens new $17 million training center in Auburn

Workers and dignitaries marked the grand opening of the facility Monday.

Trump’s company fights efforts to shed the president’s name

“Our homes are worth more without the Trump name.”

Airbus floats shutdown of A380 superjumbo

The aircraft is so big that some airports had to expand runways to accommodate the 550-seat plane.

Does a hypersonic US reconnaissance plane already exist?

A Skunk Works executive speaks of the top secret aircraft as if it is already in operation.

Most Read