Daily Dupaco

Friday, December 16, 2011

Many singles delay saving for retirement

Singlehood has its perks.

You don't have to consult with several calendars before returning an RSVP. There's no battle for control of the TV remote. You can make big decisions without worrying about how it will affect your spouse.

But it might be more difficult for singles to become retirement ready.

A recent Charles Schwab Retirement Survey found that only 67 percent of singles are saving for retirement, compared with 85 percent of married people.

And more than half of the single respondents, 57 percent, say that not having a spouse's additional income and investments as a safety net could be a challenge.

If you're single and not retirement ready, consider these tips from AARP and the Home & Family Finance Resource Center:

If you have a 401(k) plan through your employer, contribute at least enough to receive your employer's match. AARP's 401(k) fee calculator can help you determine fees associated with individual plans.

Seek professional advice. "In retirement, your primary goal becomes much more complex: to continue to grow the pie while simultaneously eating it. Going without a competent adviser at this stage could be a big mistake," Joseph Hearn writes in a recent AARP Bulletin.

Live within your means. Create a budget, and stick to it.

AARP's retirement calculator can help you evaluate whether your retirement is on track.

Start today. The earlier you start preparing and saving for retirement, the longer you have to build your nest egg.

By Emily Kittle

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