Financial Planning When You’re Living Alone

Dec 9, 2020 | Financial Planning, Retirement

Financial Planning for two can be challenging enough. But, what if you live alone?  Karl Eggerss was on CBS to discuss some key financial planning ideas for seniors, specifically those living alone.

Sharon Ko:                         No kids, no spouse. Solo seniors, here’s a quick list to check off when it comes to taking care of your finances and future. Number one, decide who will speak for you when you no longer can.

Karl Eggerss:                      Somebody that you trust that can be on your account, that can write checks on your behalf. If you’re incapacitated and you need a bill paid, you have somebody that’s authorized to do that. So again, it could be a power of attorney from the institution, it could be somebody that’s physically on the account as a joint account holder, or at the very least it can be a trusted contact.

Sharon Ko:                         Number two, get your documents in order.

Karl Eggerss:                      What are your wishes? What do you want to see happen if you become incapacitated for three weeks or six weeks or six months? Or if there is a death, where do you want your assets to go? Do you want to be kept alive on a machine? Those are all very important things to decide.

Sharon Ko:                         Up next, go auto pay and ease that burden of having to remember it all.

Karl Eggerss:                      The more that you can get your life automated, the easier it’s going to be on you without having to write physical checks each month, forgetting where the bill, you placed it. This’ll just prevent a lot of mistakes.

Sharon Ko:                         Lastly, find an advisor you can trust.

Karl Eggerss:                      Knows your situation, knows when something’s going to be out of character. We’re taught in our industry to look out for large withdrawals from a client who normally wouldn’t do that. Is there something going on from a mental capacity standpoint? So it’s very important to have, if it’s not a family member, to have a financial advisor who knows your situation inside and out.


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