Let’s get the ugly truth out of the way up front: A lot of Americans don’t have great financial planning skills. More than half (56%) have saved less than $10,000 for retirement, according to a March 2016 GoBankingRates survey. And 49% of U.S. adults with a self-directed retirement account, such as an IRA or 401(k), lack the confidence to invest it properly, according to a Federal Reserve Board report published in May. To add insult to injury, that same report reveals that 46% couldn’t cover an unexpected $400 emergency expense with ready cash or savings.
While there’s plenty of saving and investment advice available to help us all increase our financial smarts, the lion’s share of it is built around the idea that we should invest and save for other people in our lives. We’re told to save up for a wedding, a down payment on a house to enjoy with a life partner, a couple of cars, and for children and their educations. But where’s the financial planning advice for singles? It’s unfair to be left out just because your life milestones differ from those of others.Read more