A reader says, “For your Let’s Get Rich With Pattu Podcast, can you make an episode on ‘Things that Single and Childfree People’ should take care of for their retirement? Additionally, given that many things are not to be taken care of for these people (Like children’s education, Marriage, etc.), how much is it that they need to save/invest to enjoy their life because the financial planning industry is more biased towards married people and those who want to leave an inheritance for their children”.
Whether you are married with or without children or are single, the rules of retirement planning are the same. Except under some special circumstances. For example, a person wanting to retire early with kids in school and money to be invested for college education or marriage. Parents of a child with special needs may need to account for related expenses after retirement, etc.
The retirement corpus required and, therefore, the investment required depends primarily on our current lifestyle and how we wish to maintain it after retirement (subject to the yearly review of the retirement calculation with fresh/updated inputs).
At freefincal, we often use this thumb rule: Aim to invest each month at least 75% of current monthly expenses that you think will persist in retirement. The review mentioned above is essential because our expenses are variable. We also recommend increasing the investment by at least 10% each year.
Like all thumb rules, this is a crude estimate. We strongly recommend using a comprehensive retirement calculator for a more accurate estimate, considering current expenses and sources of income.
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For those with children, hitting this 75% mark will be tough. So they will have to start with what they can and hope to do better in future – that is almost always the case with an increase in salaries.
For those who are single or married without kids, we recommend aiming for 100% of expenses (that will persist in retirement) right away and increasing it a little bit if possible.
More importantly, such individuals must ask themselves some tough questions:
- Who will take care of me if I am hospitalised? What arrangements can I make in this regard? For example, a trusted friend or neighbour should know my health insurance details.
- Who will help me manage my retirement corpus if I cannot do so?
A living trust may act as insurance in such situations. See The role of a living trust in retirement planning. Also, see: How do you handle retirement assets in old age?
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🔥Join our community of 9000+ users! 🔥 Use our Robo-advisory Tool to create a complete financial plan! More than 3,500 investors and advisors use this! Use the discount code robo25 for 20% off. Plan your retirement (early, normal, before, and after), plus non-recurring financial goals (such as child education) and recurring financial goals (such as holidays and appliance purchases). The tool helps anyone aged 18 to 80 plan for retirement, plus six non-recurring and four recurring financial goals, with a detailed cash flow summary. Our Flagship Course! Learn to manage your portfolio like a pro to achieve your goals regardless of market conditions! More than 3,500 investors and advisors are part of our exclusive community! Get clarity on how to plan for your goals and achieve the necessary corpus no matter the market conditions! Watch the first lecture for free! One-time payment! No recurring fees! Lifelong access to videos! Reduce fear, uncertainty and doubt while investing! Learn how to plan for your goals before and after retirement with confidence. Join the freefincal investor circle! An exclusive space for investors, advisors, fintech employees and students to access financial planning and insurance tools, mutual fund and stock analysis tools, coding strategies and Excel macros for data extraction. 750+ members are now part of our investor circle. Increase your income by getting people to pay for your skills! More than 900 salaried employees, entrepreneurs and financial advisors are part of our exclusive community! Learn how to get people to pay for your skills! Whether you are a professional or small business owner seeking more clients through online visibility, or a salaried individual looking for side or passive income, we will show you how to do it by showcasing your skills and building a community that trusts and pays you. (Watch the 1st lecture for free). One-time payment! No recurring fees! Lifelong access to videos! Track your mutual funds and stock investments with our Google Sheet! We also publish monthly screeners for- Equity mutual funds
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Our Podcast: Let's Get Rich With Pattu
Podcast: Let's Get RICH With PATTU! Every single Indian CAN grow their wealth! 
Audible Link: Listen to the Let's Get Rich with Pattu Podcast
You can also watch podcast episodes on the OfSpin Media Friends YouTube Channel 
Listen to the Let's Get Rich With Pattu podcast on YouTube.
Now watch Let's Get Rich With Pattu தமிழில் (in Tamil)!About The Author
Dr M Pattabiraman giving a lecture
Dr M. Pattabiraman (PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. He has over 14 years of experience publishing news analysis, research and financial product development. He is a patron and co-founder of “Fee-only India,” an organisation promoting unbiased, commission-free, AUM-independent investment advice. Connect with him via Twitter(X) LinkedIn YouTube Pattabiraman has co-authored three print books: (1) You can be rich too with goal-based investing (Published by CNBC TV18) for DIY investors. 
This book helps you ask the right questions and find the right answers. It also includes nine online calculators to create custom solutions.
(2) Gamechanger: Forget Startups, Join Corporate & Still Live the Rich Life You Want. 
Both the boy and girl versions of "Chinchu Gets a Superpower".
Most investor problems stem from a lack of poor decision-making. We made bad decisions and money mistakes when we started earning, and we spent years undoing them. Why should our children go through the same pain? What is this book about? As parents, what if we had to groom one ability in our children that matters not only for money management and investing but for every aspect of life? My answer: Sound decision-making. So, in this book, we meet Chinchu, who is about to turn 10. The story follows what he wants for his birthday and how his parents plan it, while also teaching him key ideas about decision-making and money management. What readers say! 
Feedback from a young reader after reading Chinchu Gets a Superpower!
Must-read book even for adults! This is something that every parent should teach their kids right from a young age. The importance of money management and decision-making based on their wants and needs. Very nicely written in simple terms. - Arun.
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Freefincal is a News Media organisation dedicated to providing original analysis, reports, reviews and insights on mutual funds, stocks, investing, retirement and personal finance developments. We do so without conflict of interest and bias. Follow us on Google News. Freefincal serves more than three million readers a year (5 million page views) with articles based only on factual information and detailed analysis by its authors. All statements made will be verified with credible and knowledgeable sources before publication. Freefincal does not publish paid articles, promotions, PR, satire or opinions without data. All opinions will be inferences backed by verifiable, reproducible evidence/data. Contact Information: To get in touch, please use our contact form. (Sponsored posts or paid collaborations will not be entertained.)Our publications
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