When you have children, you usually make a financial plan for their schooling, college and higher education, marriage, etc., and after retirement, you can always rely on them for support in challenging times, such as health issues or financial difficulties. However, without children or close relatives, you need more financial security and preparation for your retirement. Here are some important points to remember for retirement for seniors without children or close relatives.

Save More Money

When you don’t have children, you have fewer financial responsibilities; therefore, you can save more money for your retirement. In retirement, you’ll require a bigger corpus than people with children. Without children, you have to maintain a bigger contingency fund to meet financial emergencies. Also, you may need nursing or senior citizen care support in your retirement. To meet all the expenses, you should focus on building a bigger retirement corpus.

You May Plan An Early Retirement

If you plan to spend your life without children, you can save a bigger corpus before a normal retirement age. So, you can also plan an early retirement and focus on other important things, such as keeping yourself healthy, building social networks, and spending more time with your spouse.

Adjust Your Insurance Needs

Without a child, your insurance needs would change completely. During your retirement, you will require adequate health insurance coverage that provides comprehensive coverage for your whole life. Health cover with air ambulance, overseas medical treatment, daycare cover, wider network hospital for cashless treatment, etc., would be essential for seniors without children. Also, you need to take care of the insurance needs of your spouse as well. When buying a life insurance policy, get it for a longer duration, so your spouse can get an extra financial cushion on your sudden demise.

Stay Ready With A Will

Despite having no children, you must make a will that should include details of all your assets and their beneficiary details. The beneficiary could be your spouse or anyone you may feel appropriate. You may also create a trust to take care of your property or donate your assets to a charity. So, you must plan what would happen to your property and assets after death.

The author is an independent financial journalist