Obstacles that Single People Face When Planning for Retirement

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Planning for retirement as a couple can be a daunting subject.  However, planning for retirement as a single person can be even more stressful.  Unfortunately, a staggering number of people must deal with this dilemma each year. Roughly 21% of men aged 65 or older and nearly half of women in the same age group will retire as a single person. For retirees in this position, we’ve put together a list of a few obstacles you should be aware of as you approach retirement!

Planning for Long-Term Care

Although many people don’t want to plan on needing long-term care , most people will rely on some form of it while in retirement. Long-term care doesn’t have to be a full-time nursing home, though. It can be as simple as having a caretaker help you with certain things around your home.  Before retiring, you should take some time to consider what kind of long-term care you might require and begin budgeting for it.  

Triggering the Social Security Benefit at the Right Time

Triggering your social security benefits  at the right time is key. Between the ages of 66 and 70, your distribution will increase by roughly 8% per year. That means you can receive roughly 32% more money per month if you wait until 70 to trigger your social security benefit, making your selection at the right age key to a long and comfortable retirement!  

Selecting a Power of Attorney

Although many retired individuals will end up selecting a power of attorney  at one point or another, this process is especially important for single individuals. After all, single people don’t have a spouse to fall back on when it comes to making tough health or financial decisions. That is why it is important to choose wisely when it comes down to who you will assign as your power of attorney. At the end of the day, you should select a trusted friend or relative, as there may be a point in time where they have control over your health or finances.

Should Single People Use a Financial Advisor?

Regardless of whether you are married or single, you can rarely go wrong when it comes to working with a financial advisor. A financial advisor can help get you on the right track when it comes to saving for your retirement. They can also help you plan your retirement and provide guidance regarding the right time to trigger your social security benefits. A financial advisor can also be very helpful after retirement, managing your funds to ensure your nest egg grows while you are enjoying retirement.

If you’re looking for a trusted financial advisor in the Columbus, OH area, look no further than Safe Harbor Retirement Group.  Our trusted advisors have decades of experience in helping people manage their finances and plan for retirement.  To schedule a complimentary consultation, give us a call at (614) 760-0670  or schedule a complimentary  review of your retirement portfolio.