GUEST POST from Don – Planning for Single

PART 1: PLANNING FOR SINGLE: +

If you’re young and considering a situationship you need to plan for what happens AFTER that. Sure, it is possible it will work out well (less than 30% of the time), but reality usually comes with a slap after situationships. Whether in 2 months or 16 months, something nasty may happen (7 times out of 10). Go ahead and plan for a positive (marriage, long-term commitment, etc), but AVOID issues early which would be troublesome in a break up. You can always ADD commitments when you know he or she will be a “keeper.”

How long does it take to know someone is a “keeper?” About two years! By then you should know if you are willing to be married, sign legal documents with, and generally trust the other with your life if you can’t speak for yourself after a bad accident.

During the first two years, Do Not:

• Get pregnant. (Being permanently tied to someone you now despise?)
• Get a pet. (Who owns it and cares for it and pays 100% for all its needs?)
• Buy a house. (Same.)
• Share a checking, savings, or credit card account. (Save that step for once there’s clarity)

First Things AFTER a break up:

• STD testing.
• Shop for new apartment.
• Transportation.
• Pay off old bills you created together (rent contracts, credit card payments, etc)
• Send change of address to a long list of places (billing companies, driver’s license, friends)

Very first things to do when you get “involved” with someone:

• Put aside a boatload of $$ (if you break up you are going to need it … and remember, 70% of situationships end badly). You don’t want to be trapped in a bad situation with no options.
• STD testing (you ain’t the first!) before unprotected ANYTHING.
• Only one name on the rental agreement (the one not on hook for rent has to move) and you aren’t stuck paying rent for someplace you can’t live.
• Label your stuff (or keep a list). It is easy to forget who owns the cook ware.
• Put a lock on your personal closet or keep a lock-box of personal accounts, birth certificates, car title, expensive jewelry, etc. (Guess how many squirrely people think they have the right to photocopy your personal information…too many.)
• Verify information. Does he have a divorce decree? (That is a public record.) Has she ever been in jail? (Again, unless it was as a juvenile, it is public record.) Does he own a chain of record stores, really? (Again, public record.) Talk to people, too.

What am I saying? PROTECT YOURSELF!!!

I know so many people who did not … and they regret it. They are scarred. They were taken to the cleaners financially. Their personal data was stolen and loans were taken out in his or her name. Bank accounts were drained. Their vehicle stolen. Why? Because the “special honey” was very good at USING. One dude’s new wife drained his savings account of $110,000 in less than a year (yes, she had a job). I guess he didn’t secure his stuff until trust was EARNED. (Trust is never a right or a gift. It is earned. It isn’t the same as a marriage license or joint checking account.)

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PART 2: PLANNING FOR WIDOWHOOD:

Yes! You absolutely should plan for what you will do after your long-time spouse passes. Guess what! Life won’t be easy and the government will play a part.

SOCIAL SECURITY.

You no longer will receive both benefits you were receiving as a couple. You will LOSE the lower one. You will receive a one-time death benefit (a pittance), then you will get the higher of the two benefits. For some that can be a severe drop in income. If that makes you impoverished and you have little to no financial resources, there are a few options…

• Sign up for food stamps (SNAP) can provide hundreds of dollars of food per month.
• Supplemental Security Income (SSI. However, you can’t have or build resources). SSI can provide over $900 per month.
• And there are other programs like grants for home repairs.

This sounds like something you should plan for.

IRA DISTRIBUTIONS.
If your spouse was receiving distributions, you may automatically receive those (Remember to select beneficiaries when setting up). This is good and bad. You know the good. However, did you know it can also be bad? Your tax deductions will be cut in half and your distributions may take you over the next Medicare Part B income level. If it does you will be faced with both an increase in taxes AND an increase in your Part B premiums.

Life ain’t fair.

However, if you plan ahead properly you may be able to reduce IRA distributions by converting some of your IRAs into ROTH IRAs every year. Then if your spouse passes there will be fewer taxes to pay when you can least afford them. (Personally, I believe couples should stop adding money to traditional IRAs by their mid-40s and add exclusively to their ROTH accounts…that can prevent this problem later. Of course, you can do this more slowly, like 75% traditional, 50%, 25%, then zero.)

PENSIONS.
I know that it is tempting to make the pension payable for only the spouse who earned it (the checks are higher). However, this is one place where a couple can truly plan ahead. No matter who goes first, the pensions should continue at the same level. The survivor WILL need that money.

LIFE INSURANCES.
A small policy of $100k on each partner until the age of 75 can be a good plan if you don’t have much saved. There will be funeral and final expenses. The surviving spouse may need a car (especially if the one they have has over 100k miles). The roof may need to be replaced, too. $100k isn’t much, but it can ease the financial pressures. Then cancel the remaining policy (your spouse won’t need it).

PLAN AHEAD please!

Copyright 2026 Donald Whelpley

[PLEASE NOTE that Don is always open to discussing the thoughts and opinions he shares here and welcomes comments as shared in the comment section. He doesn’t use other social media platforms and won’t see whatever you’d like to share with him if you post it elsewhere.
ALSO, Don is always open to offer his thoughts on various topics. If you have a specific request, you can let him know in a comment; he reads – and replies to – them all. ~ Sherry]

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