💬 Show Notes

Welcome to 2025! In this episode, we kick off the new year with Tanya Nichols from Align Financial to discuss the unique considerations of retiring single with no children. As part of our January series, Retirement Plan Live, we explore the journey of two individuals, a man and a woman, both navigating retirement alone. From planning for legacy and financial security to building a supportive social network, we delve into the complexities and opportunities faced by singles at or near retirement. Join us as we unpack the essentials of retirement planning for singles and set the stage for the month-long exploration of their stories.

PRACTICAL PLANNING SEGMENT

(00:00) The show is dedicated to helping you not just survive retirement, but have confidence

(01:20) This January, we're focusing on two individuals facing retirement as a single person with no children.

(04:02) Tanya Nichols from Align Financial discusses retirement planning for single people

(05:30) 90% of the journey is the same but there are just slightly different considerations.

(07:15) If you're single and facing retirement, what are some things that are overlaying on top of the normal planning process?

(10:20) I think another thing that’s missing is having a thinking partner to exchange ideas and worries with.

(12:35) It’s very difficult to make a new, old friend.

(15:48) You have to be intentional about making connections and building a network of support.

(17:32) When we think about the future, we think about long term care but one thing we don't think about as much is who is going to help with the day to day.

(20:35) As you're single and retiring does this lean towards a safety first approach in terms of taking money that you have and turning on guaranteed income?

(22:15) As you’re aging by yourself, sometimes you are not aware of cognitive issues.

(23:30) Even if you are married, there will be a point in your life where one of you are single

LISTENER QUESTIONS

(24:51) Lauren asks about a new mortgage product that merges your mortgage with your personal banking.

(27:31) Jim asks about tracking down old 401ks.

(30:04) Greg asks a question about being the tax preparer for the family and his aging mother.

SMART SPRINT

(34:10) In the next seven days I want you to establish a file for year end statements from all of your accounts and any tax information you get from those providers.

BONUS

(35:23) Roger reads another excerpt from his grandfather's WWII journal.

REFERENCES

Align Financial- Tanya Nichols

Roger Whitney

Book- Gospel of Wealth  by Andrew Carnegie

Mark's Money Mind Podcast

Life Changer Loan

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