Traditional retirement advice often orbits around the financial needs of future generations. However, for a growing number of people without children, this focus on “legacy planning” and “college savings” is irrelevant. Their retirement goals are not about funding a family’s future but about pursuing personal dreams, like traveling to New Zealand or dedicating time to an art studio.
The truth is, retirement planning for people without children looks different. It’s not better or worse, just different. While others worry about leaving behind college funds and family inheritances, you have the freedom to design a retirement that’s entirely your own. This freedom comes with its own set of opportunities and considerations that deserve careful thought and planning.
The Financial Reality of Retirement Without Children
More Money, More Options
Adults without children may find themselves in a stronger financial position heading into retirement. According to recent research from Pew Research Center, adults without children are better off than parents in terms of median wealth and retirement savings. This advantage doesn’t happen by accident, it’s the result of years of financial choices that were possible precisely because children weren’t part of the equation.
The numbers tell an interesting story. The average cost of raising a child from birth through age 17 is estimated at over $310,000, according to recent calculations. That’s money that could instead fuel retirement savings, fund travel adventures, or support causes you care about. But having extra money doesn’t automatically solve all retirement challenges, it just creates different ones.
Tax Considerations You Can’t Ignore
Retirement can bring higher tax bills when you don’t have children. Those child tax credits and dependent deductions that others rely on? They’re not part of your financial picture. This means you need to be smarter about tax planning throughout your working years.
Consider maximizing contributions to tax-advantaged accounts like 401(k)s and IRAs. For 2025, you can contribute up to $23,500 to a 401(k), with an additional $7,500 catch-up contribution if you’re 50 or older. These pre-tax contributions can help reduce your current tax burden while building your retirement nest egg.
Designing Your Retirement Vision
Freedom to Choose Your Own Adventure
Without the responsibility of leaving behind resources for children, you have remarkable freedom to structure your retirement years. Some people use this freedom to travel extensively, living as digital nomads or splitting time between different countries. Others dive deep into hobbies they never had time for during their working years, painting, writing, woodworking, or learning new languages.
The key is being intentional about what you want your retirement to look like. Do you see yourself volunteering for causes you care about? Starting a small business based on a passion project? Moving to a completely different part of the country or world? These choices become much easier when you don’t need to consider school districts or staying close to grandchildren.
Creating Your Own Legacy
Just because you don’t have children doesn’t mean you can’t leave a meaningful legacy. Many people find deep satisfaction in supporting organizations, causes, or individuals that align with their values. This might mean endowing a scholarship, supporting environmental causes, or helping fund medical research.
Estate planning takes on a different character when children aren’t involved. You might choose to leave money to nieces and nephews, support longtime friends, or create charitable trusts that continue your philanthropic work long after you’re gone. The important thing is making these decisions consciously rather than letting default inheritance laws decide for you.
Building Your Support Network
Planning for Care Without Family
One of the biggest concerns people without children face is who will care for them if they become unable to care for themselves. This is a valid concern that requires proactive planning. Unlike parents who might rely on adult children for support, you need to create your own safety net.
Consider setting aside extra money for long-term care expenses. Long-term care insurance can help protect your assets from the high costs of nursing home care or in-home assistance. You might also want to explore communities designed for active adults, where built-in support systems and healthcare access are part of the lifestyle.
Creating Chosen Family
Retirement doesn’t have to be lonely. Many people build strong networks of friends, neighbors, and community members who become like family. These relationships often provide the emotional support and practical help that others might expect from children.
Consider where you want to retire based partly on community connections. Some people choose to stay in familiar areas where they’ve built relationships over decades. Others move to retirement communities where they can easily meet like-minded people. The key is being proactive about building and maintaining relationships throughout your life, not just waiting until retirement to think about it.
Making Your Money Work Harder
Investment Strategies for Independence
Without children to potentially support you in old age, your retirement savings need to work harder. This might mean taking a more aggressive investment approach during your working years, assuming you have the risk tolerance for it. You might also need to save more than the traditional recommendation of 10-15% of your income.
Consider working with someone who understands the unique aspects of planning without children. They can help you balance growth investments with the safety you’ll need in retirement, taking into account that your money needs to last potentially 30+ years without any family financial support.
The Power of Flexibility
One advantage you have is flexibility. If the stock market takes a downturn early in your retirement, you might be able to adjust your spending or even return to work part-time without worrying about disrupting children’s lives. This flexibility can be a powerful tool in managing retirement risks.
You might also consider geographic arbitrage—moving to areas with lower costs of living to stretch your retirement dollars further. Without school-aged children to consider, you have more freedom to chase the best quality of life for your budget.
Health and Wellness Planning
Taking Control of Your Health Future
Healthcare becomes increasingly important as we age, and people without children often need to be more proactive about health planning. This means not just having good health insurance, but also building relationships with healthcare providers and potentially designating healthcare proxies among trusted friends or family members.
Consider investing in preventive health measures throughout your working years. Regular exercise, good nutrition, and stress management can help you stay healthier longer, potentially reducing healthcare costs in retirement. Some people also choose to live in areas with excellent healthcare facilities, knowing they won’t have family nearby to help coordinate care.
Mental Health and Purpose
Retirement can be a major life transition, and maintaining mental health is crucial. Without the structure that children and grandchildren often provide, you’ll need to create your own sense of purpose and routine. This might come through volunteer work, creative pursuits, part-time employment, or community involvement.
Many people find that having multiple sources of meaning and engagement helps them thrive in retirement. Don’t put all your eggs in one basket—diversify your interests and commitments just like you diversify your investments.
Work With Us
Creating a fulfilling retirement without children requires intentional planning that goes beyond just accumulating enough money. It means designing a life that reflects your values, building support systems that don’t rely on family, and making sure your financial resources can support the independence you’ll need. The freedom that comes with not having children is real, but it also requires taking full responsibility for your own future.
At Purposeful Wealth Advisors, we understand that retirement planning looks different for everyone, especially for those who don’t follow traditional family structures. Our team specializes in helping individuals and couples create comprehensive retirement strategies that reflect their unique circumstances and goals. Whether you’re concerned about long-term care planning, want to maximize your charitable giving impact, or need help balancing growth and stability in your investment approach, we’re here to guide you through the process. Schedule a consultation with our experienced team to start building a retirement plan that’s as unique as you are—because your retirement should be designed around your dreams, not someone else’s expectations.
