Millions of baby boomers who do not have children are retiring — and the trend is projected to continue. The AARP estimates that by 2040, more than 20% of retirees won’t have children. So is there a different approach to take when it comes to planning for your retirement?
A single life, without kids, might be considered dull and boring by others but the fact is, it is the reality for many people today. A study in The Gerontologist calculated roughly one-third of 45-to-63-year-olds are single, most of whom never married, or at this time are divorced. So what does this mean for the baby boomer retiree? It could result in them having a potentially smaller support network to help with the basic care, help and guidance often needed by people as they age.
If you don’t have children, follow these four steps to ensure your needs are met in retirement.
1. Grow Your Social Network
While this first point isn’t financial, having a growing set of friends is vital when you haven’t got children. Social interaction is crucial at any stage of life. This doesn’t wane with age, and may become more important as we get older. Staying active in our local and broader communities will help us thrive personally and financially in our later years. Joining clubs and organizations will be important. Volunteering will be a perfect give and take.
Making new friends and keeping the old will only serve your support system when entering your golden years – so get out there!
2. Healthcare Planning
According to most experts, seniors without children need more traditional health care services, on average, than their counterparts with adult children. People are living longer and some of us may even live to 100 or beyond. Still, others may not make it to full retirement age. It is never too soon to plan and save for a happier and healthier retirement.
By setting aside money for medical emergencies and budget for other medical care like massage therapy, chiropractic and other nontraditional treatments. You want to avoid playing retirement savings catch up in your fifties and sixties.
Medigap insurance can help pay for those additional health care services. While Medicare Parts A and B offer seniors solid baseline health coverage, Medigap plans fill in the coverage gaps. Medigap policies may also help you pay your Medicare co-payments and deductibles and cover routine checkups.
3. Address Long Term Care (LTC)
Studies on aging populations reveal that most seniors without children will eventually need long-term medical care. Long-term care (LTC) is one of the more complex components of medical expenses, because it requires other people.
LTC can range from help at home with basic needs, such as cooking, eating, and cleaning, to retirement villages that handle physical labor, to assisted living, which focuses on a person’s physical well-being.
4. Turn to a Team of Experts
A cornerstone of your support system should be a professional advisory team. At CKS Summit Group, our focus is to bring you fresh new ideas for your retirement income. CKS’ cutting edge tactical portfolios help our clients achieve safe, healthy growth of their savings and preservation of their principal balance.
Why not set up a complimentary strategy session with a retirement income specialist today? We’re here to listen to what you want out of life, and aide to making that happen.
With proper thinking and planning, you can avoid outliving your retirement savings and make your golden years more golden. Call us today on 586-286-5820, we look forward to speaking with you.