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3 Ways Being Single Impacts Your Retirement Planning – The Motley Fool



Planning for retirement is a good way to avoid financial struggles later in life. But retirement is very different for single folks than it is for those who are married. If you fall into the former camp, here are a few things you should know.

1.

Married couples have the benefit of having a good time.

At present, you can contribute up to $ 19,000 If you're 50 or older, you can capitalize on a catch-up that costs to $ 25,000 and $ 7,000, respectively.

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<p> Imagine you're 57 and want to retire in 10 years. Let's say you're sitting on $ 200,000 in savings and are currently paying $ 400 a month to a retirement plan. If your savings generate an average of 7% return, you'll have $ 460,000 by the time you retire. But if you're going to sock away $ 600 a month over the next 1<div class=
0 years instead, you'll get to retire with $ 493,000, assuming that same return. And that extra $ 33,000 could easily translate into an additional $ 100 per month in retirement income over a 30-year period.

2.

When you're married, it's important to consider your spouse's needs when filing for Social Security.

When you're single, however, you Social Security when it suits you. For example, if you've been saving yourself in your IRA or 401 (k) and wanting to file for a little early (meaning before retirement age), you can feel free to do so Also, you're reducing a spouse's benefits.

Furthermore, when you're single, you can base your social security filing decision on your own health. Generally speaking, the better your health goes into retirement, the more it pays to delay benefits and boost you in the process, since you're likely to come out with a larger payout in your lifetime. On the other hand, if your health is not great, filing early generally makes sense. And as a single person approaching retirement, you do not have to have a spouse's health into that decision.

3. You may have a greater need for long-term care insurance

Married seniors who retire may fall back on each other to provide care.

Long-term care insurance can help defray the often-astronomical cost of assisted living or nursing home care, and it can cover in-home care if you need it. Spouse's bad health wants to drive your premium costs up or, worse yet, put

Retiring single means to call your own shots throughout your golden years.


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