If you are nearing retirement age and are a single person, you face a range of issues that a lot of married people don’t have to deal with, or do not have to worry about as much. For single people, it’s just as important to develop a complete estate plan as it is to have a good retirement plan ready for when you stop working. Here’s why.
Living Arrangements
Almost everyone will need some kind of help as they grow older, but for single people, finding the appropriate help at the appropriate time is sometimes more difficult. If you live alone and do not have relatives or close friends nearby, you might want to consider moving somewhere else where you have better access to a support system.
Medical Arrangements
Similarly, single people who live alone will also need to develop a complete set of advance medical directives. Whether you want your children to be able to make medical decisions for you should you become unable to, or wish to create a living will, you will need someone who has access to these documents should the need for them arise. If you don’t live with a spouse, partner, or roommate, consider notifying family members or close friends about your directives.
Parents
Single retirees may also have elderly parents who are currently in a nursing home or require extensive care. If you provide your parents with elder care, you should be prepared to pass those responsibilities on to someone else, or provide alternative arrangements should you yourself become unable to render assistance.
Michael Robinson, Estate Planning Attorney
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