Do I Need Estate and Retirement Plans If I Don’t Have Kids?

If you have children, you may not want to depend on them for financial help as you age. But if it ever becomes necessary, at least it’s an option. However, if you are one of roughly twenty-three percent of adults in their 50s and twenty-two percent of people in their 60s who never had children, your retirement and estate planning needs to be different.

A recent article from AARP, “How to Plan for Retirement When You Don’t Have Kids,” explains there’s no guarantee, and even if you have children, you’ll need estate and retirement plans.

Having a support team is mission-critical. This means having someone who will be able to deal with money and health matters if you can’t because of physical disability or cognitive decline. Think about who is in your extended family or close circle of trusted friends who might serve as your power of attorney or healthcare proxy. Ideally, name someone in relatively good health, possibly younger than you, who lives nearby. Child-free people often have strong bonds with nieces or nephews who are good candidates to be potential caregivers.

An alternative is finding an aging life care professional, sometimes known as a geriatric care manager, to help address health, financial, and housing concerns as well as coordinate caregiving and related services for you.

Don’t wait until you need help. Talk with prospective candidates now and meet with an estate planning attorney to start putting plans in motion.

You’ll also want to plan for the possibility of long-term care. The cost of these policies increases as you age, so buying them in your 30s or 40s is ideal. A private room in a nursing home can easily cost as much as $100,000 a year, which can rapidly deplete a nest egg.

Estate planning is different for child-free people. While you may have more disposable income because of not having the financial obligations of children, you may also feel it’s less important to have a legacy. However, you’ll still want a voice in where your assets go after your death.

If you don’t have children and you don’t have a will, the laws of your state will dictate who receives your assets. If you’re passionate about an organization, it won’t receive anything. However, your estranged cousin who lives thousands of miles away and is next-of-kin may inherit your entire estate. If you have ideas about where your assets should go, you’ll want a will.

Creating an estate plan with an experienced estate planning attorney is important for those without and with children. Make an appointment and get this part of your life settled, so you can enjoy your retirement without worry.

At the Werner Law Firm, our estate planning attorneys understand that planning for the future looks different when you don’t have children. Whether you’re concerned about who will make decisions on your behalf or how your assets will be distributed, we’re here to help you create a plan that reflects your values and gives you peace of mind.

If you have any questions, schedule a free appointment with us through our online appointment page.

You can also read reviews from some of the hundreds of clients we have helped over the years.

Reference: AARP (March 3, 2025) “How to Plan for Retirement When You Don’t Have Kids”