Recently, we’ve been getting more inquiries about planning for retirement as a single person. Typically, so many retirement conversations center on bringing a couple together to plan. But now, for the first time since the Bureau of Labor Statistics began tracking these numbers in 1976, there are more single Americans than people who are married. (pri.org)
A single person may need approximately 80% of a married couple’s budget but has to accumulate that income with one salary. Also, without child tax credits or spouse exemption, the tax hit can be difficult to dodge.