Single-Income Retirees

Stressed About Retirement Planning as a Single Income?

There is a difference between living and living well. Your goal should be to live well because you deserve so much more than just living. The majority of single-income families face the common difficulty of living paycheck to paycheck(in fact this is majority of any family household). The reason for this is not just making below the means but the little things that add up or the unforeseen expences. Financial planning is hard for a two-income family, it is even harder when it is a single-income family.

Here is the challenge: even if you live comfortable now, it is easy to spend through a cushion of wealth with improper habits. So, the question is, will you have enough to maintain your confidence?

Our team is dedicated to planning for a future that empowers you to live your best life and to do so with confidence. You will work closely with advisors who follow a fiduciary standard to build, monitor and maintain a comprehensive financial plan that includes Lifestyle Planning, Financial Planning and Wealth Management.

Planning for retirement has challenges but planning with only one income creates additional areas of concern on which to focus.

Chris Hilyer, while attending college, witnessed his father lose a battle with cancer leaving his mother to plan for her future without her partner. She was facing adversities and needed an advocate in her corner to make sure she overcame those difficulties with financial confidence.

Chris was inspired to help individuals that are facing important life decisions alone like her, and like YOU, to do just that. You don’t have to be worried about money once you achieve financial confidence; let’s start planning towards that goal and start living well today.


Not All Costs Decrease if Single

It is a common misconception that retirement costs half as much for a single person, but that is not necessarily true. There are many costs that don’t decrease at all.

Although divorces are not the only reason a retiree is planning as a single person, those divorce numbers are on the rise among retirees. It is really important to stress test your finances when going through a major life change such as divorce or being widowed.

Single Income Retirement Planning

Depending on how you arrived at planning for retirement as a single person, you may have different assets or sources of income to plan with.

In terms of Social Security, a widow or widower will have different benefits than someone single by divorce, while someone that just never married has a totally different set of rules to plan by.

Single Income Retirement Tax

Tax planning for a single person can be tricky and a person could either be helped or hurt by a change of tax filing.

For example, if a breadwinner goes through a divorce, they could end up in a higher tax bracket as a single person than they were when married filing joint.

Health Insurance Premiums

 It is not uncommon for those retiring under age 65 to have health insurance costs replace the cost of their mortgage. Health insurance premiums have seen a noticeable increase since the Affordable Care Act and have been an increasingly important part of the conversation for people retiring under the age of 65.

At Heritage Wealth Solutions, we provide professional assistance in a wide variety of areas. However, our sevice areas of specialty can be easily divided into three main categories: Investments, Financial Planning, and Insurance.

Investment Services

  • Bonds
  • Mutual Funds
  • Common Stock
  • ETFs
  • Educational Savings
  • Roth IRA
  • Simple IRA
  • 401k Plans
  • Government Securities
  • Variable Annuities

Financial Planning Services

  • Retirement Plans
  • Profit Sharing Plans
  • 401k Planning
  • 403b Planning
  • College Funding
  • Estate Plans
  • Money Management
  • Social Security Planning
  • Pension Planning
financial planning services
Single income family wealth

Insurance Services*

  • Disability Income Insurance
  • Life Insurance
  • Long Term Care Insurance
  • Group Life Insurance
  • Group Disability Insurance
  • Hybrid Insurance

*some insurance services provided through Raymond James

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Chris Hilyer

Wealth Management Advisor, RIcp, CAP

Contact Chris Hilyer Today!

Chris Hilyer is not only the president and founder of Heritage Wealth Solutions: he is the leading specialist at the company when it comes to helping families hold onto and increase their wealth. Contact him today, and let him put his experience to work for you and yours.