Plan well, and be confident about your retirement prospects
Is there any special way to save for retirement when single? Yes, save steadily.
13:18 11 December 2014
There are several reasons that one could still be single during his or her retirement years. This could be due to the death of a spouse, lack of marriage or a divorce. However, even when you are alone you still have to ensure you get a decent life during your retirement years, thus the need for saving towards your pension. But most people are always wondering whether there is a difference in the way a single should plan for his or her retirement as compared to how couples plan.
Well though the basic planning is the same, there are signs of uncertainty that leads to a more vigorous and increased need to save more for these retirement years. A married couple will have the safety of knowing they can depend on each other but a single person will always feel insecure financially knowing he or she has no one else to rely on and this leads to him or her wanting to save as much as possible. They save hard to ensure that they are not a burden to their family or relatives.
It is also very important for a single person to invest in support groups. They will be important in ensuring that the single individual has some sort of support system that will definitely be of help anytime he or she is in a crisis.
Talk of women’s clubs, community groups and so forth, they are all very necessary especially when one is alone.
So as you plan to give up work, even if you are married today, keep in mind that there are prospects that you might be single in your retirement years. Your spouse could die before you get to retire which will render you single or a divorce could be imminent anytime before you stop working and that too will lead to being single. So, follow the basic saving plans but still think of these tips on how to ensure you do not suffer when you retire single.