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Old 08-03-2017, 09:18 AM
 
Location: Central IL
15,244 posts, read 8,532,850 times
Reputation: 35673

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I was just thinking that so much of the tax, social security, pension and investment advice you read about is geared toward married couples. So I looked up to see just what percentage of 65 year olds are married:

In 2015, only 58% of 65 year olds were married...amazing...much lower than I expected given you read so little about singles.

Let's hear from all the c-d singles heading into retirement - are you getting good advice? Are you changing your strategy from what it was if you'd been married before? Do you feel you're getting a fair shake?
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Old 08-03-2017, 09:45 AM
 
Location: Philadelphia/South Jersey area
2,876 posts, read 1,405,246 times
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So I'm single, I'm a widow. One of the issues I had was that my late husband did most of the investing. I pretty much knew where stuff was but I admit I didn't pay attention to much of it. worked for us for 30 years, lol. anyhoo when he passed away I had to learn real quick. I took a lump sum payout on his pension, mainly because the way it was written it was not inheritable as an annuity. so if I took 2 payments and then got hit by a bus, my kids would not have been able to inherit the remainder. I like the advice I'm getting so far. some suggestions I liked, others I did not agree with but I believe I've been listened too and that was important to me.

I'll start his social security as a widow when I hit 60 while letting my grow until 70.

I wasn't sure what c-d meant?

my sons are trying to make a profile for me on match.com. lol, I suspect ulterior motives, like they want me out of their hair.
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Old 08-03-2017, 09:50 AM
 
Location: Idaho
4,627 posts, read 4,468,721 times
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Quote:
Originally Posted by eliza61nyc View Post
I wasn't sure what c-d meant?
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Old 08-03-2017, 10:05 AM
 
2,294 posts, read 1,561,711 times
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I'll be 63 next month and have been single all my life. I suppose if one was married, it'd be very very important to educate the spouse who knew less about retirement issues. This probably doesn't happen very often, but I would not want to be the person in he relationship that was kept in the dark or had no interest...that's for sure. I'm a planner so that would never happen to me...plus I'm male ...so more often it is the male that does most of the financial stuff. If I was female, even if I didn't understand it, you can bet I'd arrange the situation so that I'd at least feel the finances were in good hands and I'd certainly try and learn at least the big picture.
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Old 08-03-2017, 10:10 AM
 
Location: ☀️ SWFL ⛱ 🌴
2,435 posts, read 1,669,408 times
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Quote:
Originally Posted by Burkmere View Post
I'll be 63 next month and have been single all my life. I suppose if one was married, it'd be very very important to educate the spouse who knew less about retirement issues. This probably doesn't happen very often, but I would not want to be the person in he relationship that was kept in the dark or had no interest...that's for sure. I'm a planner so that would never happen to me...plus I'm male ...so more often it is the male that does most of the financial stuff. If I was female, even if I didn't understand it, you can bet I'd arrange the situation so that I'd at least feel the finances were in good hands and I'd certainly try and learn at least the big picture.
Interestingly, my MIL handled all the finances though the years, keeping FIL in the loop on everything. I believe that is one of several important reasons her transition to being an elderly widow was easier than most.
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Old 08-03-2017, 10:26 AM
 
Location: Central IL
15,244 posts, read 8,532,850 times
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I've been divorced for many years and feel fine handling my own finances. What I'm finding though as I'm getting closer to actual retirement is that most strategies stated are implicitly for married couples and I need to dig deeper to be sure they apply to me. This is especially in regard to tax situations where filing single drastically lowers your brackets to the point where there is not a lot of room to maneuver.
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Old 08-03-2017, 10:46 AM
 
Location: USA
1,815 posts, read 2,243,650 times
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Quote:
Originally Posted by reneeh63 View Post
I've been divorced for many years and feel fine handling my own finances. What I'm finding though as I'm getting closer to actual retirement is that most strategies stated are implicitly for married couples and I need to dig deeper to be sure they apply to me. This is especially in regard to tax situations where filing single drastically lowers your brackets to the point where there is not a lot of room to maneuver.


Same here reneeh. I get so tired of all the advice and tips and tricks that only work for a married couple.


But then I think of how I only have to worry about myself, take care of myself, and all the money is mine, mine, mine and I feel better
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Old 08-03-2017, 10:53 AM
 
5,394 posts, read 6,536,800 times
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Quote:
Originally Posted by reneeh63 View Post
I've been divorced for many years and feel fine handling my own finances. What I'm finding though as I'm getting closer to actual retirement is that most strategies stated are implicitly for married couples and I need to dig deeper to be sure they apply to me. This is especially in regard to tax situations where filing single drastically lowers your brackets to the point where there is not a lot of room to maneuver.
Same here and even on this forum most of the responses and advice are written to the idea of a spouse. Which I do understand...

but now that I have gleaned that I scan through responses, take what applies, and disregard all else.

That is why I liked the single female retiree thread and moving. It had ideas and experiences applicable to that demographic. am sure there was good information for single males and couples, but the situation of a single female is often different. as is a single man or couple.
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Old 08-03-2017, 11:11 AM
 
13,915 posts, read 7,411,228 times
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There are several things that are taken off the table that impact couples:

The odds of making it into your 90's decreases significantly for 1 person compared to planning retirement finances for a couple.

You don't have to plan so much for long term care and Medicaid. If you're single and run out of money, Medicaid picks up the tab. If you're married, you can get close to wiped out if your spouse lands in long term care.
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Old 08-03-2017, 11:33 AM
 
527 posts, read 1,090,780 times
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I think you don't see as much for Singles is that as couples, you obviously have 2 accounts and there are a myraid of combinations of those 2 accounts with different ways of obtaining a comfortable retirement.

As a single, you have 1 account, you have 1 path and that's it.
Not to many options for different scenarios except the usual, if you can, hold off not taking SS until 70 (if you can)
About the only decision to make after working to 70 is if you are a widow/widower and whether to take survivor benefit or not, or your personal benefit or not.

and as a single, you do not have to figure the "what if" my spouse passes away, how do I live. What income will there be
and the reverse, "what if" I pass away, how does my spouse live on what income.
this requires some planning on the future of the spouse that survives.

As a single, you pass away, your heirs get what's left, done.

But one thing single seniors should at least think about is what support will there be if you are sick or disabled.
Instead of a spouse caring for you in your home, you might have to give up the house and go into assisted living
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