For adults with children, there is no shortage of resources and services to help you with your financial planning. How to pay for daycare, save for your kids' college, help set them up for long-term success, make sure your investments pass along to them in a tax efficient manner down the road.
But what about childfree adults, or the permanently childless?
While you may be grateful to miss out on the expenses associated with childrearing, you'll have different decisions to make in your golden years than your friends with children. Here are a few steps you can take now to make your retirement more secure and enjoyable.
1. Invest in your relationships
In your active, working years, much of your social needs are met through work and your professional network. However, in retirement, those connections often fade Into the background, and you're left with whatever personal relationships you maintained outside of work. If you wait until retirement when you have more time to spend with friends, you may find yourself unexpectedly lonely, with an empty schedule. The isolation and loneliness may sting a bit more If you don't have kids or grandkids around, which can take a big toll on both mental and physical health. Without children or grandchildren around, this sting may be a bit sharper Take the time now to invest in deep relationships, and don't wait for retirement to reconnect with friends.
2. Identify your most trusted friends
If you are single, you may consider choosing a trustworthy friend to be your executor and/or Power of Attorney for Health Care. Even if you choose your partner to be the executor and/or POA, you may want to appoint a backup person. This would make things easier in the event your partner passes before you, or is unable to fill the role. Without a child to be next in line, you'll want to legally specify who you want that person to be. Ideally, this person would be younger and/or healthier than you (or of similar age and health), and live somewhat close by. It may prevent an extra burden to deal with an estate, or make medical choices on your behalf, from long distance.
3. Deal with your house and belongings while you're healthy
It's tempting to put off getting organized