Estate Planning | Do Single Americans Have an Advantage When Planning for Retirement?

by Flanders Law Firm LLC on September 13, 2011

As discussed in a recent article by Market Watch, a recent survey by Charles Schwab shows that the majority of Americans think it is easier for singles to plan for retirement than for married couples.

According to the article, more than 53% of married couples and 69% or singles believe retirement planning is simpler for the singles to make major financial decisions as they plan for retirement.  The reasons stated for this is that financial decision are often easier when there is no spouse to also consider when considering estate or retirement planning.

Despite these numbers, the Schwab poll shows that many single Americans apparently do not feel as comfortable planning for retirement as do married persons.  Additionally, married Americans report thinking about and actively conducting retirement planning in much larger number than singles.  As always, discussing these matters with a skilled MN estate planning attorney will do nothing but help.

The article does point out that all Americans should conduct retirement planning – whether married or single.  According to one executive at Schwab:

“[R]egardless of marital status, there are some fundamental steps that all Americans can take to get better prepared, including starting to save as early as possible; creating a long-term saving and investing plan; and for many people, enlisting the help of a professional who can help navigate some of the more complex issues such as tax implications and estate planning.”

As an estate planning lawyer who often speaks with clients who are not thinking enough about retirement or estate planning, I echo these sentiments.  It is important for Americans to keep in mind that whether they are single or married, retirement planning must be done.  Furthermore, estate planning for families helps not only the married adults, but provides a solid plan for children upon their parent’s death.

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