Single clients follow a different path to financial security

Key Takeaways:

• Single clients may require a more tailored financial planning approach, as their needs and strategies often differ from those of partnered clients.
• A trusted financial professional can help single clients evaluate all aspects of their financial plans with an objective perspective.

04/14/2025 – Single investors are planning their financial futures from a different place than partnered investors. The responsibility to plan and save for retirement rests squarely on their shoulders. That burden can lead to stress when it comes to financial planning. 

A recent Advisor Authority survey, powered by the Nationwide Retirement Institute®, found that more than a third of single investors (37%) say they experience more strain or financial hardship compared to their married or partnered peers. This number increases significantly for single investors under 50 years old (44%).

It may seem like single investors face a more difficult journey to financial security in retirement. They don’t have the luxury of dual incomes enjoyed by some partnered clients, and having just one income may limit how big of a nest egg they can build. 

Single investors don’t have a partner to help share the burden, but they do share many of the same planning needs that your partnered clients have. Those needs require a more nuanced approach to financial planning. As a financial professional, you may need to adopt different strategies and solutions when working with single clients than you would use for your partnered clients.  

What’s unique about working with single clients?

Our survey found that single investors are less likely to work with an advisor or financial professional (35%), compared to married or partnered investors (46%). This guidance gap may explain the differences in financial planning strategies used by single and partnered investors. 

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Less than half of single investors who have a strategy to protect assets against market risks (49%) say they focus on diversification of assets and non-correlated assets in their retirement portfolios, compared to 62% of married or partnered investors. And one-third of single investors (34%) do not have a strategy in place to protect their assets against market risk, compared to 27% of married or partnered investors.

Less than half of single investors (46%) say they would need up to $600,000 in retirement savings to feel comfortable about their retirement. Many singles are a long way away from reaching that target; only 18% of single investors say they have $500,000 or more saved for retirement. About one-quarter (23%) say they have at least $250,000 saved. 

The good news is, it’s not too late for many single clients to put a plan in place to save more and invest for long-term growth. But they need guidance from financial professionals to help avoid a retirement savings shortfall.

Singles value guidance from financial professionals

In today’s highly volatile market climate, financial professionals are in position to help single investors stay focused on their long-term plan and understand the value of solutions that help manage risk and protect retirement income. 

According to the results of our survey, single investors who work with financial professionals find the most important benefits of doing so are protecting their assets against market risk (20%), helping them make more informed decisions (15%) and helping to stay focused on long-term goals (15%).

Nearly half of financial professionals (49%) offer guidance to their single clients on when to claim Social Security benefits. A similar share (49%) offer guidance on when to withdraw funds from retirement accounts. Additionally, 39% are helping clients shore up their long-term care and post-retirement health care plans.

Solutions like annuities and retirement income strategies can be particularly important for single clients who don’t have the security of a spouse or partner to rely on. 

Building a holistic plan for single clients

Many clients think of their retirement plan as setting attainable savings goal to aim for, but achieving real financial security requires a holistic approach to financial planning. That’s why it’s important to listen to your single clients to understand their personal financial goals and the unique obstacles they may face to getting there. 

Here are a few important considerations to include in your discussions to address some of the challenges your single clients face:

Emergency funds:

A robust emergency fund is key to financial security for single investors, who do not have a secondary source of income from a partner to help them manage through financial adversity. 

Tax implications:

Without the benefit of joint filing, single investors often face higher tax rates compared to married couples, making tax planning strategies an important consideration. 

Estate planning:

Estate planning may look different for those who don’t have a partner or children. Not only is it important to clarify beneficiaries, but single clients should also determine who will speak on their behalf should they lose the ability to represent themselves. 

Long-term care:

Because single clients are less likely to have a natural caregiving solution in place, it’s important to consider long-term care solutions as early as possible in the planning process.

Social isolation:

While you may not think this is a role for financial professionals to play, an important part of a single person’s retirement plan should be building a strong support network to address the potentially adverse effects of social isolation. Isolation or loneliness can impact emotional well-being, which can lead to bad financial decisions.

Help single clients address their unique planning needs.

Helping clients plan for their future financial goals isn’t just about their relationship status. Whether you’re working with single or partnered clients, variables like spending habits, debt levels, health care and location all come into play. 

Also, don’t ignore some of the advantages that singlehood brings. Single clients may have just one income, but many also have lower expenses, especially those who aren’t raising or supporting children. Plus, as a party of one, it can be easier for single clients to make financial decisions. 

But many single investors likely recognize the value of a trusted advisor to help them consider all sides when making financial planning decisions.  They may look to you to provide the extra perspective. Your role as an objective and impartial financial professional can add significant value to the relationship you build with single clients.