Having done with a professional or on your own, the process of planning is important. And only that thing where should you start depends on you and your situation. Everyone needs a unique plan because he or she has different aims, needs, risk tolerances, concerns. Planning needs to take into account at least three major areas. They are – insurance, investments, and estate planning.
Insurance
Insurance covers everything from your car to your health, that’s why it comes in all shapes and sizes. You can even buy insurance that covers you against alien abductions. And like many areas of planning, insurance can be especially complicated for singles, depending on your situation.  •Life Insurance. This may not seem like a pressing issue for some singles. But it is crucial for singles with dependents. For equaling eight to ten times your annual salary you should generally buy enough insurance. Though you may need more if you have several dependents or unique costs, such as for a special needs child. But if you can’t work you may not have a second income to rely on, disability insurance is also a good idea.
•Health Insurance. Most people think that health insurance is one of our primary employee benefits. This benefit is even greater for married employees but for unmarried couples it’s a whole different story. While some companies provide medical and dental benefits to domestic partners, it’s far from the norm.
Investments
Keep these issues in mind if you want to put together an investment plan on your own.
•Be patient. Investing is a long-term process that takes patience, discipline and experience. •Selling matters. Most people focus on buying stocks but it is more critical when you sell stocks. Manage your risk by selling losing stocks when they fall 10% below your purchase price. •Develop your own approach. Some people want more risk, some want less, and others just don’t have the time to spend researching and monitoring their investments. Try to find a strategy that fits your unique risk tolerances, goals, and preferences, and then stick with it.
Estate planning
Retirement planning for singles can be tricky. For example, most qualified retirement plans are geared toward married couples and often don’t provide for lifetime distributions to unmarried beneficiaries. And it can be the cause major tax headaches for the beneficiary. •Make sure you have a will. Many people simply ignore this basic planning step. Probate laws are complicated, time-consuming, and don’t always end up transferring your assets where you’d like. Make sure the will names a guardian for your children if you are a single married.
•Point out beneficiaries for your IRA accounts. You need to execute a separate beneficiary designation to make sure your IRA passes to your intended beneficiary. •Execute a durable power of lawyer. It will help you to cover your business affairs and also your health care decisions.
| 
