Planning retirement without children? Here's how to get the best out of it

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For childless planners of retirement, the economic and lifestyle choices may also appear significantly different from those faced by parents. With no heirs to receive inheritances or care for in their older years, singles must plan ahead for long-term security and happiness. The good news: also possible with retirement without children are the special freedoms and possibilities for creating a life that expresses your individual values.

Here's how to get the best out of it.

Prioritise financial independence

For retirees without children, financial independence becomes even more significant. Without adult children as a possible buffer against old age, your savings, investments, and income streams will be responsible for much of your quality of life in old age.

Begin with a comprehensive retirement budget that will factor in inflation, healthcare expenses, housing, and discretionary spending. Create a diversified investment portfolio with a balance of growth and stability, and use the services of a financial advisor to make certain your plan can cover what could be a long retirement.

It’s also wise to maintain an emergency fund beyond your regular savings. Unexpected medical expenses or housing needs can arise, and you’ll want the flexibility to handle them without jeopardising your long-term finances.

Plan for long-term care

One of the biggest risks for child-free retirees is the need for care later in life. Without children to coordinate or provide support, you’ll need to plan ahead for how you’ll access assistance if needed.

Long-term care insurance can be a worthwhile investment, but make sure to shop wisely for a policy that suits your budget and needs. Alternatively, you could relocate to a continuing care retirement community, which offers a continuum of services from independent living to assisted living and skilled nursing care.

There must be legal papers in place. Healthcare and financial powers of attorney permit close friends, family members, or professionals to make decisions for you in the event that you become incapacitated. A living will can specifically state your wishes regarding end-of-life care.

Create a fulfilling way of life

Lacking the responsibilities and financial burden of caring for children or raising them into adulthood, childless retirees tend to enjoy greater autonomy in creating their retirement experience.

This is your time to pursue interests, hobbies, travel, volunteer activities, or artistic endeavours. Many retirees also derive satisfaction and companionship through building close friendships, engaging in social clubs, or mentoring local youth.

Since social isolation can be a risk, it’s important to be proactive about building and maintaining relationships. Planning for retirement should include thinking about where and how you’ll live to stay engaged and supported.

Think through your legacy

Even if you don't have kids, you can still leave a good legacy. Think about giving to causes or organizations that align with your values through charitable donations or planned gifts. You can also give to nieces, nephews, or younger friends via education funds or outright gifts.

Estate planning is important. Having a properly written will and beneficiary designations put your belongings into the right hands. Without proper guidance, your estate may be delayed or incongruous.

The autonomy to forge your own destiny

Retiring childfree provides the opportunity to create a retirement that's totally your own. Through careful planning for financial security, long-term care, and social engagement, you can create a retirement of purpose, independence, and happiness.