When it comes to getting your affairs in order, there are several different variables to consider. Having children and grandchildren in particular can affect just how much a person needs to retire—and what that person wishes to do with his or her money. However, planning for retirement when you don’t have kids is a different process entirely. Here’s how to maximize your savings in such a situation.
- Consult with experts. As you’re formulating your retirement plans, consult with experts, attorneys, and friends or family who have knowledge of the process. This will show you what steps—and savings—are necessary to help you enjoy your golden years. Ask these experts questions about inflation, the state of your funding, and potential unexpected costs that may come up along the way.
- Plan your future care. People with children often factor assistance from their kids into their retirement goals. It’s not uncommon for parents to live with their adult kids as they grow older, just as it’s not uncommon for those children to care for their parents during their parents’ retirement years. Though you may decide to live with other relatives, such as nieces or nephews, if you don’t have the option of family care, make sure that you plan your future. Do the calculations to make sure that you can afford the standard you want.
- Get your plans in writing. Making a will is always a good idea, as it will save energy, time, and lawyer’s fees. It’s also good to make sure that you document how you want your medical and personal care to be handled. Having an official record of your personal preferences—such as nursing home location, medical procedures, hospital care, etc. will help you ensure that you’re in control of your life.
- Come up with a contingency option. If disaster strikes, you may have fewer people to help bail you out. Go over possible difficulties with a partner, financial analyst, or close friend to make sure that you’re not missing anything. Catching—and accounting for—potential issues is always better if done sooner rather than later.
- Regularly contribute to a savings account. Many people with children make monthly contributions to a savings account or college fund for their children. Consider doing something similar for your own finances. This well help you gradually—and effectively—build a nest egg. Use the money that other people may be setting aside for children to maximize the amount you are saving for your own retirement.
- Consider options to grow your wealth. Stocks, investments, and employer-matched savings plans will help you increase your wealth, giving you more money on which you can rely in the future. Also note that the older you are, the more careful you ought to be in your investments, simply because you do not have as many years to recoup your losses. Weigh the advantages and disadvantages of (potentially) wildly profitable high-stakes investments versus safer low-stakes ones.
Though planning for retirement when you don’t have kids offers its own set of unique challenges—and advantages—it will be well worth it once you have your affairs in shape. How will you spend your golden years?
If you want to grow your savings, Ty J. Young Inc. offers an investment vehicle that will keep your money growing and protected at the same time. Call (877) 912-1919 to learn more. Plus, continue to follow our blog for more helpful savings, economic, and retirement guidance.