If you’re investing for yourself, you have the freedom and independence to make your own decisions as you strive to meet the financial goals you set for yourself. But the other side of being a single investor is that you’re solely responsible for ensuring that you’re financially secure, now and in the future.
What’s sometimes confusing about the term single investor, though, is that it includes people at many different stages of their lives — young people just starting out, older adults who may have been married once but are now on their own, and people who have always been independent. The goals that are important to you will depend not only on your single status, but on where you are in life: starting out, starting over, or expanding your financial horizons.
The place to start is with a financial plan that identifies where you are now, where you’d like to be, and the routes you can take to get there.
If you’re in a long-term relationship but aren’t married, you’ll want to take a close look at your financial plan. Even if you invest jointly and share living expenses, you’re single in the eyes of the law. You won’t be eligible for some of the legal and tax benefits available to married couples, such as unlimited gifts. That can make naming
beneficiaries
and having a
will
and perhaps a
trust
agreement even more important for you.
