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The financial burden of being single

原文链接:https://forum.iask.ca/threads/202346/

bonbonstar : 2008-10-01#1
by Talbot Boggs, THE ASSOCIATED PRESS--
Monday, September 29, 2008provided by



(Special) - Sometimes it seems that it's a couple's world.

Hotel rates are based on double occupancy and if you're single and planning to take a vacation at a resort, you'll often have to pay a premium to sleep alone.

In fact, there's resort chain that doesn't even allow singles.

Canadian singles also can have a more difficult financial journey than their hitched compatriots.
There were some 3.3 million one-person households in 2006, and the number of singles in Canada is growing.

Singles say they like the freedom they have to manage their finances by themselves without interference from someone else.
But they also admit they'll likely have to keep working longer because they need the income and access to health benefits.

"One of the big concerns for singles, particularly for women, is the fear of outliving their money," says Patricia Lovett-Reid, Senior Vice President with TD Waterhouse. "Nine out of 10 women at some time in their lives will be totally responsible for their financial future. Their concern is not so much where their money will come from, but that they will outlive it. Singles, unlike couples, have no fall-back position."

Couples have a number of financial benefits that singles don't. (Singles, by the way, refers to people who have never married or become single because of the death of a spouse or partner. Becoming single through divorce or separation is another issue).

Perhaps the most obvious benefit of being a couple is the new rule allowing them to split their incomes and significantly reduce the amount of tax they pay.

A couple also might receive two rather than one set of government assistance programs such as the Canada Pension Plan and Old Age Security.

If both partners worked and had employer-sponsored plans, a couple will have a huge advantage over a single in retirement with two pensions.

If one of the spouses dies, assets most likely will pass to the survivor, including RRSPs, RRIFs, pensions, CPP, non-registered investments, and in some cases, insurance policies.

The onus to save and take control of their financial future is greater on singles than it is on couples.
There's an old saying that two can live cheaper than one. In fact, expenses such as utilities, property taxes and housing costs in retirement for a single person are about the same as for a couple.

On the savings side, the single person doesn't have the advantage of a second pension or set of government assistance programs like a couple.
The good news is that as long as you've got income, you've got an opportunity to save.

Even if you're single and getting close to retirement, one of your key goals still should be to maximize your retirement savings.

If you're not contributing the maximum to your RRSP, it's never too late to start. Besides offering tax sheltered growth, RRSP contributions are tax deductible in the year you make them and the tax refund can be used to generate additional savings.

If you are able to participate in an employer-sponsored pension or other kind of plan, make sure you're making the most of any benefits, such as automatic payroll RRSP deductions or participating in an employee stock purchase program.

Whether by choice or not, leaving a job usually results in a substantial cash payout. Used wisely, that payment can help to supercharge your retirement savings.

Another idea is to see if you can take a hobby or what you do in your spare time into an income-generating activity.

One of the best and perhaps most overlooked ways to save money is to reduce spending.

"The real issue is not how much you make, but how much you spend," says Lovett-Reid. "We are seeing singles starting to save earlier and becoming more cautious about taking on debt."

Although the single life has many benefits, taking control of your financial future is your responsibility, and yours alone.

Talbot Boggs is a Toronto-based business communications professional who has worked with national news organizations, magazines and corporations in the finance, retail, manufacturing and other industrial sectors. (boggsyourmoneyrogers.com)
Copyright 2007 Talbot Boggs