It’s tough being single
By Gordon Powers, Sympatico / MSN Finance
It’s tough being single … at least when it comes to money. Most financial plans tend to centre on milestones that have a lot more to do with couples than singles: Get married. Merge your financial lives. Buy a house. Have a child. Buy some insurance. Start saving for college — it’s a pretty traditional pattern.
Expect that today people are marrying much later or just aren't marrying at all — to say nothing of all those relationships, same-sex or otherwise, that fall somewhere in between.
Just as with married couples though, the older singles get, the more assets they accumulate. And they’ve got an even greater need than a couple to put a plan in place that will protect what they've got, including that earning power. After all, there's no spouse who'll automatically inherit property or who can make up for some of your lost earnings if you get fired or become sick.
The asset singles most need to protect, however, is probably their earning ability. One way to do that is with a disability plan, income-replacement insurance that provides a tax-free income in the event you can’t work because of injury or illness. It’s a perk that many employers don’t offer, or at least not at the level that higher-income earners might find useful, and it's one worth exploring.
Consider it one of your New Year’s resolutions.
Posted by: RIOT SQAUD | Dec 31, 2021 1:32:37 AM
FUCK THIS, SINGLE IS THE BEST, no bitch to hold you back. SSSSKSKSKS SQAUD UP!
Posted by: Scam | Dec 31, 2021 4:23:16 AM
This is probably one of the worst recommendations. From personal experience, the insurance companies would rather you be ill and living on the street than approve a disability/income-replacement claim. You'd be much better off with an RRSP/GIC incase you need to use it when the time comes than pay into something that is nothing more than false advertising.
Posted by: Scammed | Dec 31, 2021 5:43:41 AM
This is probably the worst recommendation. From personal experience, the insurance companies would rather you get ill and live on the street than approve a disability/income-replacement claim. You'd be better off with an RRSP or GIC than going with false advertising. Happy New Year.
Posted by: John Doe | Dec 31, 2021 6:09:57 AM
Single is great! I don't have to worry about anybody else but myself. I love living my life day to day being single. There is no crutches to hold you back, no mouths to feed but your own. Let's face it in todays society couples are breaking up faster than a speeding bullet. It's too hard to trust others.
As for Insurance, they are all scams. What happens is you apply for this insurance coverage, pay out of your pocket, then; when the time comes your not accepted simply because you didn't read the waiver properly. I go with the guy above me, invest in a GIC or RRSP that way you are guarenteed your money back.
So none the least single is a great way to live. Make your own rules, live your own tales, and not get hurt from the emotional drama that goes with being a couple....
Posted by: Single life | Dec 31, 2021 8:20:29 AM
20 yr marriage and 4 children came to an end, we were struggling with a combined income of $150k a year and no mortages or loans, since being single and shared custody (one of the children lives with me full time) I'm only earning 80k yr with a 200k mortgage I was surprised to see over 10k in my savings account in the first 10 months of being single
I'm working a lot less; spending a lot on myself; spending a lot of time with my children
If being single has it's draw-backs being married to a "princess" is a lot worse!
Posted by: Pablo | Dec 31, 2021 9:42:09 AM
It's a tough one no doubt. On one hand, yes, it is factually easier being single day to day in the sense that you completely avoid different viewpoints and conflicts over how to plan your finances, family life and leisure pursuits. On the other hand, so many people remaining single either not having kids or realizing in middle age that it's too late to have children, and not having anyone to leave your possessions to, can also be depressing - and by then, irreversible. I think that our civilization has lost its ideals when it comes to the nuclear family. In generations past, it was the thing to do to marry and raise the next generation. Today it's just one of many choices--and often other choices appear more attractive. Thing is, nothing comes without drawbacks of some sort.
Posted by: Magic | Jan 1, 2022 8:59:50 AM
You gotta be nuts to believe that disabibility insurance crap. Which insurance outfit do you work for?
They never pay up. Buy a GIC. SAAAAAAVE your money.
Posted by: Judy | Jan 1, 2022 3:49:11 PM
I am in my 60s, been seperated from husband of 25years for 4 years now...and am finding it very hard financially. I went on long term disability from work, thinking Long Term means exactly that,
ha!! its actually 2 years in my case, ....I am still unable to work but will have to do something this year despite that, because the LoNg term is over!! The good thing is , I have only myself to fend for , the bad thing is I miss my previous life...being with someone... but , at my age, I probably will not hook up with anyone again... btw, my ex is not helping me financially.... so it is up to little ole me!!
Posted by: genevieve | Jan 1, 2022 4:24:02 PM
Hi I am single and enjoying it ....much more financially stable. Yes miss the companionship but feel I only have to worry about myself and where my future is going and i have full control of that. It is all in your attitude and your goals you wish to meet. So far mine are going great ..........you must feel focused on loving yourself first before you can be in a partnership that will enjoy the rewards of being emotionally and financially stable.......HAPPY NEW YEAR EVERYONE AND BE STRONG AND WORK HARD TOWARDS YOUR GOALS AND EVERYONE NEEDS A PASSION OF SOMETHING IN THEIR LIFE..TO MAKE IT FULL OF CONTENTMENT
Posted by: Alana | Jan 1, 2022 4:45:13 PM
As if being single during the holidays and the new year isn't challenging enough without this depressing piece of info.
Anyone who is a working single is all too aware of the fact that there is no one else to rely on when finances get tough, but I completely agree with the previous posts regarding investing vs. insurance policy. I know a few people who have been denied claims because of some ridiculous clause that was not explained to the individual when the plan was purchased.
Life is about balance. Enjoy your single, independent life while you have it, but be wise with your money. Ensure that you own property and keep your debts to a minimum so that if tough times come you can scale back without ending up on the street. No spouse and no kids make the previous goals very attainable.
Posted by: Tia | Jan 1, 2022 8:33:59 PM
I love being single..All my money is mine.I am INDEPENDANT!!People learn to save money and be independant. Having kids is not a NECESSITY!!!single rocks...my place..my things..my stuff...and look at all the kids today..some parents cant even feed there kids or have time for them...Why have kids if you are going to put them in daycare, to be raised by A STRANGER!!???BE INDEPENDANT GIRLS & BOYS!!!
Posted by: loveguru | Jan 1, 2022 8:53:56 PM
Being single is very easy for me financially, it only gets tough emotionally around the holidays.. I find that too many people earn $10 and spend $20, the other $10 is your money though..so even if you are a good saver and your partner is very good spender..well then you got a problem..Insurance?? forget about insurance, save your money, live below your means and it becomes very easy.
Posted by: Steve | Jan 1, 2022 9:21:43 PM
Slight correction. The asset singles most need to protect is their health. Having been married I would say for many staying single will help with mental and financial health best. Forget disability insurance it rarely pays. Save instead in the tax free savings accounts, RRSP's etc and NEVER EVER share your banking or financial details with any partner.
Live below your means and you will find someone who loves you for you and not your earning potential. Paying to raise your own children is charity enough without seeking out a financial leech to 'help you' spend your savings. However don't ever forget that money is just a tool, so go out, smile and leave your tools in your tool box.
Posted by: Paula | Jan 1, 2022 9:33:10 PM
Been married 6 years, our finances are not merged together, almost like I'm single with a room mate, pay separate bills AND he earns more money. Sometimes think about leaving but scared of things I hear from single friends. I actually think I would be better off, financially, if I was single.
Posted by: John Doe | Jan 2, 2022 10:43:22 AM
Paula,
Follow your heart. It's no help if you are living SAD all the time. It takes time coming out of it, took me a year, but now I've been better than I ever had! If you have good friends by your side then you're in good hands. But always be true to yourself! Follow your heart... Good Luck girl!
Posted by: wes Gamblin | Jan 5, 2022 3:30:08 PM
Hi love being single freedom financial secure answer only to my self .Dont think I could adjust to some female controling my life right now can take them or leave alone no ties just fun for both then move on.
Marriage no way soon as they mention it Im gone.My fathwer died when I was 5years old ever since on my own and love it.As far as the future generations are concerned there are enough nuts out there who love that life style with lots of kids enough I hope to take care of my pensions.
In the mean time lets hear it for being single.
Posted by: jay | Jan 6, 2022 2:48:58 PM
after being relegated to being single, forfeiting my share of the house to ensure access to my child, and living a mere shadow of the life we had built for 20 years. even with faithfully forking over a monthly cheque to the ex......single-dom is proving to be far easier emotionally and financially.
i had no idea (and still don't) how someone i had completely trusted could burn thru every penny in the coffers. i live so cheaply now. granted, i cannnot have everything i want....but at least now i am the one who can decide that. not someone else who used emotional games to control and stifle my part in a supposed partnership.
lonely, yes. but enslavement is not love.
run for the hills, paula, and good luck to you. it may take a year, may take longer (my case...longer) to bounce back. but your destiny is yours. as it should be...
Posted by: Babette | Jan 6, 2022 10:54:54 PM
Hey Paula
After 20 years of marriage I know it is hard to walk away but it does get better! The longer you stay, the more bitter you will become. Leave while you can still be on good terms. My husband left each other mutually and we are both doing great now. Sure, it is a little tougher with one pay cheque but you learn to manage and like Jay says, you may not have everything you want but they are just material things. You can't buy happiness and piece of mind.
Good luck!
Posted by: Pat | Jan 6, 2022 11:38:04 PM
It is tough being single, but the Internet has given people the tools to find another partner without leaving their home. Single parents do not have to find a baby sitter, seniors are using the Internet as well to meet other singles with similar interests.
I have literally seen thousands of bleeding hearts, women whose husbands walked out on them, women who have left their husbands after 27 years of marriage and read all the heartache that poured from these people. But I gave them hope, helped them heal as it has been my goal to find partners for people. I have owned an online dating service for 10 years and I have dedicated my life to my business and my customers.
For those who have written here that they are happy to be single, that is a personal choice and I am happy for you. But for those who have made 2009 the year to find a partner, we need to talk
Posted by: Pat | Jan 6, 2022 11:40:29 PM
It is tough being single, but the Internet has given people the tools to find another partner without leaving their home. Single parents do not have to find a baby sitter, seniors are using the Internet as well to meet other singles with similar interests.
I have literally seen thousands of bleeding hearts, women whose husbands walked out on them, women who have left their husbands after 27 years of marriage and read all the heartache that poured from these people. But I gave them hope, helped them heal as it has been my goal to find partners for people. I have owned an online dating service for 10 years and I have dedicated my life to my business and my customers.
For those who have written here that they are happy to be single, that is a personal choice and I am happy for you. But for those who have made 2009 the year to find a partner, we need to talk