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McCurrie McCurrie
& McCurrie, L.L.C.

680 Kearny Avenue
Kearny, NJ 07032-3010
Phone: (201) 467-4180
Fax: (201) 997-9567
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Estate planning tips for singles in Kearny

Bachelors and bachelorettes throughout New Jersey might be quick to talk about the benefits of their single lives. They have half as much laundry, total control of the TV remote, and they don't need to justify their spending habits with anyone.

In general, it seems like they live the good life. However, new studies show that there are two drastic places in which the lives of singles are lacking - estate planning and savings for retirement. A study that was recently published by the Employee Benefit Research Institute found that just 55 percent of single people are financially prepared for retirement. By comparison, 80 percent of married couples are financially prepared.

One financial planner said that when you're single, retirement planning is entirely your responsibility. To help ensure you have the resources that you need, she suggests the following tips:

Save 20 percent of your pre-tax income. Financial experts suggest that saving 20 percent of your income helps ensure that you will have enough money in reserves not only for a padded retirement, but also for six months worth of income in case of an emergency.

Invest in disability insurance. If you get sick, injured or otherwise unable to work, disability insurance can provide the financial support you need. Although many married couples are able to rely on one another if either loses his or her income, single individuals do not have that luxury.

Create a durable power of attorney. A durable power of attorney is a legal document that enables another person to make decisions on your behalf if you are unable to do so. If you are in the hospital, or otherwise unable to manage your finances, giving another person access to your accounts can help ensure you don't fall behind on your bills.

Source: Wall Street Journal, "The Single Life: 3 Ways to Retire Well on Your Own," Catey Hill, 18 July 2011

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