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Money Minute
Quick Tips
Single and Saving for Retirement
Money Minute
Here are a few important tips to consider if you are entering retirement without a spouse.

These days there are more and more people entering retirement without a spouse. Sometimes this is by choice, and at other times, this is because they’re divorced or widowed. Here are a few important tips to consider:

  • First, you want to have a healthy emergency stash because you don’t have a partner to fall back on financially. It won’t be easy, but consider saving enough money to cover 3 – 6 months’ worth of basic expenses like your rent or mortgage, utilities, transportation and groceries. Because you want to have easy access to this money, consider using a basic savings account.

  • Next, you want to get your estate in order. Decide who should make medical and financial decisions for you, in case you’re unable to. This may involve establishing a medical power of attorney. This is also a good time to establish a will. Make sure the person you designate has copies of your important documents, including information such as account numbers and passwords.

  • Finally, in order to retire, you have to start saving. This may sound obvious, but studies have shown that single people don’t tend to save as much as those who have a spouse. As such, focusing on retirement is especially important for those expecting to spend their golden years without a spouse.

The information on this page is provided for educational purposes only and is not tax, legal, financial planning or investment advice. Neither the information nor any opinion expressed in this section constitutes an offer to buy or sell any securities or advisory products. The information provided is general and is not information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase or sell any particular security. You should not regard this information as a substitute for the exercise of your own judgment. Investing involves risk.

Past performance does not guarantee future results. © Ariel Investments, LLC. This website and all of its content is for informational and educational purposes only and should not be considered to be investment advice or a recommendation to buy or sell any particular security. The mutual funds offered by Ariel Investment Trust are distributed by Ariel Distributors, LLC, a wholly-owned subsidiary of Ariel Investments, LLC. Use of this website is subject to our Terms & Conditions. The Ariel mutual funds referred to in this site may be offered only to persons in the United States. This web site should not be considered a solicitation or offering of any investment products, funds or services to ineligible investors, investors for whom such products, funds or services are not suitable, or investors outside the United States.

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