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Your Family’s Assets & Legacy

Planning for old age when single and childless

| Dec 19, 2019 | Estate Planning |

When most people think of seniors, they picture grandmas and grandpas bouncing their children’s children on their knees. This is a common reality for maybe most of New York’s elderly population.

Still, it is not true for everyone. There are many seniors who either never married or whose spouses have already passed away. Some seniors also did not have children. Estate planning in these cases is a little different than it is for other people.

When seniors are single

CNBC estimates that 19.5 million people over the age of 65 in America live alone. The primary concern of these individuals is financial security. No partner means that they might be 100% responsible for themselves. If they fall into a financial rut, there might not be someone else to step in and assist.

CNBC recommends the following:

  • Save as much money for retirement as possible.
  • Rely on a 401k whenever possible to boost retirement savings.
  • Consider long-term disability insurance while still employed.
  • Establish a medical directive or living will.
  • Strengthen social circles and check on each other.

When seniors are childless

A significant number of senior singles are able to rely on their adult children for assistance. These children may take them to the store, visit them in nursing homes and ensure they are safe and protected. When seniors have no children, they need to plan ahead for care.

MarketWatch recommends researching care homes and assisted living communities early on. Another option is to look more closely into the possibility of life-care communities and continuous care retirement communities. Whatever plans a person chooses, they should share it with trusted individuals who can step forward in an emergency.

Living alone as a senior has its challenges. However, if people make plans long before they need them, then senior living without a spouse or children becomes less risky.

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