Trying to determine if you are truly on track for retirement and beyond can feel daunting. Whether you are married, single, have no children, or have grandchildren, there are many factors to take into account when planning for your financial future. Then, there are also questions about when to stop working, what you’ll do in retirement, what kind of legacy you want to leave, and what will happen if you need additional care or a spouse passes.
Because of all these variables, financial planning becomes even more important as we age. Of course, the value of financial planning isn’t just troubleshooting things as they happen; it’s planning for potentials so you are ready for whatever happens.
Financial Planning If You Are Single or Without Kids
If you are not married or do not have kids, financial planning is still crucial for every stage of your life. While you may only have to think about yourself in some instances, you’ll still want to make sure you have a strong and strategic financial plan. Plus, your financial concerns are going to be different from those with children, so you will need to start planning and outlining what you want your money to do for you as you age. A financial planner will be able to guide you through this process to help you to prepare for everything that life has in store for you.
You still need a will
It is easy for people to forget that they need a will, especially if they do not have kids. But if something were to happen and you were to pass away without a will, the state in which you reside will be the one to determine where your assets would go.
This may be in conflict with what you actually want, so it is important to have a will in place. (And no, family members who aren’t clearly mentioned in a will can’t step in to save your assets!)
You might have other family members or friends you wish to leave your valuables to, have certain wishes for your home or pets, or want to make sure your estate donates to organizations or groups you love. This will require the creation of a will, or even a charitable giving plan. In either case, a will can ensure that your wishes are honored.
Having an estate plan is essential to give yourself control and a voice over your healthcare, living arrangements, and finances. Estate planning when you don’t have kids is about more than just creating a will; it takes into account many aspects that will affect all of us as we age. An estate plan will allow you to make your preferences known, as well as assign trusted family members or advisors to make medical and/or financial decisions, should this ever be needed.
This is especially important if you live alone and ever need help with everyday care and needs. A trusted financial planner can even help ensure your financial wishes are being honored by connecting you with trusted agencies and representatives who can act on your behalf.
The Importance of Financial Planning for People With Kids
If you have children or a spouse, financial planning can also be incredibly valuable as you age. Not only can a financial planner help you plan for childcare costs or college educations, but they can also help you understand trust funds, inheritances, and more. Aside from making sure your retirement is as comfortable as possible, a financial planner can also help ensure that the money and assets you have left over are passed on as you want.
Planning for retirement
If you have young children, retirement might feel lightyears away. Between all the expenses (and joys) that kids can bring, plus all the hours spent working to provide for them, it’s easy to put retirement planning on the backburner. Sure, you might be making your usual contributions, but is it going to be enough to retire when and how you want? A healthy retirement fund is vital for this, and will give some ass
Financial planning can help put your retirement back on track (or push it to the next level), and make sure that your funds are being invested in the way that works best for you and your future goals. This will keep your retirement plans in focus and stop them from getting derailed by chaotic everyday life with children.
Creating a will or trust
It is important to have a will or trust in place if you are planning to leave anything to your kids. These documents will give you the peace of mind that your wishes will be honored after your death, and that your children will receive the legacy you want to leave them. Wills can also make the transition for your family members a little easier by having everything in order and avoiding any disagreements over who gets what.
The Value of Financial Planning Starts Now
Strategic financial planning, no matter where you are in life, can ensure that you are confident about your ability to care for yourself and others — both now and in the future.
It will also give you peace of mind to know that you will be cared for well into retirement and as you age, and that your loved ones will not have to carry any financial or emotional burdens. Whether you are single, married without children, or have a large family, the value of financial planning starts as soon as you establish a relationship with a Certified Financial Planner™.
If you are ready to start planning for your future,Guiding Wealth can help.