{"id":125,"date":"2011-10-03T17:36:48","date_gmt":"2011-10-04T00:36:48","guid":{"rendered":"http:\/\/www.aikapa.com\/Financial_Bites\/?p=125"},"modified":"2017-09-27T15:23:25","modified_gmt":"2017-09-27T22:23:25","slug":"financial-planning-if-you-dont-have-children","status":"publish","type":"post","link":"https:\/\/www.aikapa.com\/Financial_Bites\/?p=125","title":{"rendered":"Financial Planning if you don’t have children"},"content":{"rendered":"

Financial Planning & Retirement Planning for Singles & Couples<\/strong><\/p>\n

Financial planning is often addressed by couples when they plan or have their first child.\u00a0 In our society this is part of becoming responsible parents.\u00a0 In turn this process brings parents closer together and forces them to review short and long term goals like cash flow & retirement planning.\u00a0 In many cases, the process can help parents deal with their own emotions about money and bring about personal growth and a greater maturity that strengthens their relationship.<\/p>\n

I’ve addressed financial and retirement planning for parents through presentations and workshops and would like to share some highlights for non-parent couples and singles.<\/p>\n

Child-free couples and individuals should consider that often children serve as an important support for a parent’s retirement plan.\u00a0 Their children and grandchildren often serve as a social and sometimes financial support network that is not available to those without children.\u00a0 I propose that without children growing older requires more, not less, financial planning to ensure that a plan and a support network are created.<\/p>\n

Think about your current network.\u00a0 Do you have individual(s) that could be your advocate(s) and help you or make for you medical and financial decisions?\u00a0 You’ll need to identify and empower advocate(s) that will care for you if you are hurt and unable to communicate your wishes.\u00a0 Your advocate may need to answer questions regarding your quality of life and make critical financial decisions in your stead.\u00a0 For example: Who will file your taxes or sign your insurance claims?\u00a0 Who will pay your bills? Who will decide if it is time for you to sell your home and move to a more appropriate care facility?\u00a0 Who will decide the level of care you want and can afford?<\/p>\n

Couples can often depend on each other but sometimes you may want to choose a medical advocate whose beliefs are the same as yours – that may or may not be your current partner.<\/p>\n

Planning the financial support network is particularly important for those without children.\u00a0 Saving maximally for retirement is critical since you’ll likely need more financial income to retain your independence during retirement.\u00a0 Singles need to plan earlier since they may have even more expenses.<\/p>\n

Finally, once you are gone your loved ones will need clear direction on how you want your assets distributed. Don’t leave the courts to decide or your hard earned assets may go to a cause (or individual) you would not want supported.<\/p>\n

A financial and retirement plan should help you understand yourself and your behavior around money – through understanding you can better work with your loved ones and make lasting joint retirement decisions.<\/p>\n

Seek independent advice and explore the actions that you need to implement today to have your finances support your future wishes.\u00a0 The time is now.<\/p>\n

Edi Alvarez, CFP\u00ae
\n<\/sup>BS, BEd, MS<\/p>\n

www.aikapa.com<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Financial Planning & Retirement Planning for Singles & Couples Financial planning is often addressed by couples when they plan or have their first child.\u00a0 In our society this is part of becoming responsible parents.\u00a0 In turn this process brings parents … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21,9,8],"tags":[23,250,24,248],"class_list":["post-125","post","type-post","status-publish","format-standard","hentry","category-couples-without-children","category-family-planning","category-retirement-planning","tag-childless-couples","tag-couples-without-children","tag-retirement-for-singles","tag-retirement-planning"],"_links":{"self":[{"href":"https:\/\/www.aikapa.com\/Financial_Bites\/index.php?rest_route=\/wp\/v2\/posts\/125","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.aikapa.com\/Financial_Bites\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.aikapa.com\/Financial_Bites\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.aikapa.com\/Financial_Bites\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.aikapa.com\/Financial_Bites\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=125"}],"version-history":[{"count":10,"href":"https:\/\/www.aikapa.com\/Financial_Bites\/index.php?rest_route=\/wp\/v2\/posts\/125\/revisions"}],"predecessor-version":[{"id":882,"href":"https:\/\/www.aikapa.com\/Financial_Bites\/index.php?rest_route=\/wp\/v2\/posts\/125\/revisions\/882"}],"wp:attachment":[{"href":"https:\/\/www.aikapa.com\/Financial_Bites\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=125"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.aikapa.com\/Financial_Bites\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=125"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.aikapa.com\/Financial_Bites\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=125"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}