“70 percent of people 65 or older will need some form of long-term care in their lifetime. Annual costs can range from $50,000 to $100,000.”
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A well-constructed financial plan that includes a thorough evaluation of risk and investment strategy is essential regardless of one’s relationship status. However, navigating life as a single person
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Here are four key areas that single individuals should keep in mind during the wealth planning process:
Navigating Compensation Structures
As your career progresses and your wealth builds, compensation structures become more complex. The range of benefits beyond basic salary can include deferred compensation plans, stock options, restricted stock units and employee stock purchase plans.
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It is often difficult to determine which avenue will be most beneficial to you, particularly without a partner to help you navigate decisions. Having an advisor who will partner with you to map a strategy for these benefits can ensure that
Planning for Future Transitions
A well-rounded financial plan accounts for needs in all stages of life. With life expectancy trends continuing to rise, the need for long-term care is even more prevalent. Today, 70 percent of people 65 or older will need
These statistics show the importance of establishing a planned course of action early, particularly for people without a spouse or children to help with care. Women should pay particular attention, as they
Planning for these costs
Estate Planning
Many people assume that estate planning
While you may not have a spouse or a dependent minor, you
How your wealth
Once you identify heirs, there are many tools available to ensure that wealth
Building a Team
Having a team of trusted professionals is crucial, particularly for single individuals who do not have a spouse to help manage finances. CPAs, estate attorneys, insurance specialists and others all provide valuable expertise. However, it is also possible for these professionals to implement conflicting strategies, merely because they lack a full-picture view. Developing a financial plan helps you
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