Single But Not Alone
Kiplinger's Personal Finance|July 2018

If you’re unmarried and childless, you need special strategies for retirement saving, health care and estate planning—and a support network you can call on.

Kaitlin Pitsker
Single But Not Alone

ROBIN ZENGER HAS SAVED DILIGENTLY and lived within her means for her entire life. When she was in her forties, she began taking a serious look at her finances to set herself up for a secure retirement. That’s a smart strategy for anyone, but it’s particularly important for people like Zenger, who is single and has no children.

Aging presents uncertainties for everyone, but single, childless seniors are missing the backup that many people take for granted: a spouse or adult children who can step in when needed. Many of the usual basics of saving, investing and long-term financial planning apply to those aging without a life partner or adult children, but they also need special strategies for retirement saving, health care and estate planning.

Because of declining birth and marriage rates, caregiving family members will likely be in shorter supply for baby boomers and the generations that follow than in the past. Today, about half of American adults are married, a dramatic decrease from the 72% of adults who were married in 1960. In 2016, roughly 9% of those who were 50 or older had never married, according to the U.S. Census. And about one-third of baby boomers don’t have children. Still others will age alone for other reasons, including the death of a spouse, divorce, or children who are estranged or unable to help.

This story is from the July 2018 edition of Kiplinger's Personal Finance.

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This story is from the July 2018 edition of Kiplinger's Personal Finance.

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