Single people can and do retire comfortably. Many of the retirement planning concepts are the same as they are for couples, but it’s wise for singles planning for retirement to pay extra attention to long-term care and other topics. Please note that I try to continually improve content on this topic, and my latest information is at https://www.approachfp.com/retirement-planning-for-singles/. 🙋 Do you have suggestions for how singles can plan for retirement and long-term care? Please share in the comments below or send me an email! With Social Security or a pension, you get a base of income. If that’s not sufficient to cover your after-tax spending needs, you typically supplement that income by spending from your retirement savings—your 401(k), 403(b), IRAs, etc. Most people don’t “live off the interest.” Instead, they spend down their assets, so it’s important to have a robust investing and income plan that accounts for taxes, inflation, unpredictable markets, and other surprises. See the most important aspects of retiring as a single person, and get a preview of what financial planning might look like. Since we can’t predict the future, the best you can do is make some assumptions and run multiple what-if scenarios. That process helps you make educated guesses and envision how retirement might unfold. CHAPTERS: 0:00 Intro 0:10 How Many People Retire Single? 0:46 Average Retirement Income for Singles 2:13 Friendly Reminder 2:33 How Much Does a Single Person Need to Retire? 5:00 Single Retirement Example With Right Capital Planning Software 7:35 Tips for a Comfortable Retirement RESOURCES MENTIONED: How to estimate your spending need in retirement: https://www.approachfp.com/how-much-income-do-you-need-in-retirement/ and https://youtu.be/AXuxvulHlUg How to withdraw from your savings: https://www.approachfp.com/3-approaches-to-retirement-cash-flow/ 🌞 Subscribe to this channel (it's free): https://www.youtube.com/channel/UCFFNzgGX4UyGQk12KL38I1Q?sub_confirmation=1 Get free retirement planning resources: https://approachfp.com/2-downloads/ 🔑 9 Keys to Retirement Planning 🐢 6 Safest Investments Learn about working with me at https://approachfp.com/ Justin Pritchard, CFP® is a fee-only fiduciary advisor who can work with clients in Colorado and most other states. ✔️ Flat-fee and hourly advice options ✔️ One-time projects available ✔️ Investment advice (optional) IMPORTANT: It's impossible to cover every detail and topic in a video like this. The only thing that's certain is that you need more information than this. Always consult with a CPA before making decisions or filing a tax return. This is general information and entertainment, and is not created with any knowledge of your circumstances. As a result, you need to speak with your own tax, legal, and financial professional who is familiar with your details. Please verify with your plan administrator when employer plans are involved. This information may have errors or omissions, may be outdated, or may not be applicable to your situation. Investments are not bank guaranteed and may lose money. Opinions expressed are as of the date of the recording and are subject to change. The Comments section contains opinions that are not the opinions of Approach Financial, Inc., and you should view all comments with skepticism. Approach Financial, Inc. is registered as an investment adviser in the state of Colorado and is licensed to do business in any state where registered or otherwise exempt from registration.