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So how shouldfinancial planning for childfree individuals differ?
Here are three money tips childfree individualsmay not need to follow at all.
But, for others, homeownership is a money dumpster pit.
But, for the childfree, that dream can look different.
Purchase Life Insurance
Life insurance is typically an important part of financial planning.
The purpose of life insurance, however, is to provide money to your beneficiaries when you pass.
As do childfree adults who would want their elderly parents to be taken care of.
Its an individual choice.
But, on the whole, most childfree individuals can probably go without it.
Many are not even planning on a standard retirement.
If FIRE is an on/off switch for work, FILE is a dimmer switch.
This can make full retirement less appealing.
Therefore, maximizing retirement contributions throughout their lifetime may not be as important.
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