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Single? How you should plan differently for retirement

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Being in a relationship isn’t for everyone. But, if you find yourself single in the long run, financial experts say you should be planning for retirement differently.

"When you are operating more independently, there's just more risk, because you just don't have financial support from a second spouse," says financial expert Jonathan Duong.

Those with a partner may rely on the other to help out with expenses and be a caregiver to lean on.  

But when you're single or even childless, Duong says planning for your Golden Years can be trickier.

“It's even more important, when you are single, to make sure what you want to have happen to the things you own and what personal decisions you want for your medical well-being and financial well-being, those things are well defined,” explains Duong. “But, when you are single, they aren't as clear”

If it's just your income you rely on, Duong says having an emergency fund is imperative; you may also want to consider having disability insurance, too.

"If you are still working, disability insurance may be very important as well, because if you become disabled, there's nobody to support you and if you are not someone of means, then you want to have that income available to you in the event you are disabled for a longer period of time," Duong says.

According to Department of Health and Human Services, someone turning the age of 65 has nearly a 70 percent chance of needing long-term care in their remaining years.

That's why Duong says keep your friends close, because you'll want to give someone durable power of attorney for your health care.

"No matter what age you are, particularly as you get older, in the event that something happens and you cannot make a decision for yourself, you want to have those documents in place," says Duong.

No matter your relation status, everyone should have a plan regarding finances.

"If you don't have a plan, there is one for you, it just might not be in line with what you want," Duong says.