Sometimes people who are committed to remaining single do not think they need to do very much estate or financial planning. Why? Because they do not need to plan for a spouse, and they often do not need to plan for any children.
However, that belief is misguided.
Single people, in Cincinnati and elsewhere, do need to plan for their own retirements and for their own estates.
Recently, Forbes offered some basic planning tips for single people 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.
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526).
Reference: Forbes (July 5, 2017) "5 Financial Planning Strategies For Singles."