Bella DePaulo is an unabashed fan of the single life. A doctor of psychology, book author and college professor, Dr. DePaulo believes her life is full and rich. She does the things she wants to do, including taking time away from teaching for her book research. But the author of “Singled Out: How singles are stereotyped, stigmatized, and ignored, and still live happily ever after,” concedes there can be a major downside.

It can be hard on the wallet.

In a world she describes as “cheaper by the couple,” a single has to deal with double-occupancy hotel and vacation rates, sometimes higher insurance rates, and often fewer benefits in the workplace. Forget about taking advantage of two-for-one dinner specials, too.

And while a married couple might have two incomes to afford a car, a mortgage, children or a retirement plan, a single has to do it alone.

“It’s really a lot more challenging,” said Dr. DePaulo, a graduate of Dunmore High School now living in California.

But more and more people are likely to face these challenges, experts say, because of increasing life spans and changing attitudes. Census data show more people are staying single, or unmarried, than ever before, said Thomas Coleman, executive director of Unmarried America. “It’s now a married minority in terms of living arrangements,” he said.

That leads to a simple reality, he said. “If you’re single, you have to make choices.”

>From a personal financial perspective, singles have to plan for their financial well-being, especially for retirement.

“I personally have encountered a lot of people — this applies more to younger people — who tend to put their lives on hold because they don’t recognize the importance of them taking responsibility for their financial security,” said Nan Meade of the National Endowment for Financial Education. “As a result, they can put themselves in a waiting mode for years, facing retirement with very little money to support them in their old age.”

“When I get some 20-something singles in (my office), I always try to stress to them to find a way to put money aside for retirement,” said John Jones, a certified public accountant and partner at Schaeffer, Jones, Eichner & Wagner, in Selinsgrove. They should afford whatever they can, even if it means skipping eating out one or two nights a week, and take advantage of tax-advantaged retirement plans at work or outside of work, he said.

While there’s ongoing debate about whether singles or couples have it easier with federal taxes, Mr. Jones believes it’s generally a wash. Working married couples with children may have more exemptions, and the ability to itemize, but their combined salaries may increase their tax liabilities. Still, he said, a lot depends on your personal circumstances.

But one benefit a married couple might have is the ability to cope should illness or injury prevent one from working, experts say. Singles, therefore, may have to pay more attention to products such as disability insurance. And with the possibility of no one to care for them in their golden years, Mr. Coleman said products such as long-term care insurance might have to be considered.

It also pays for singles to ask questions about how their retirement benefits at work would pass to beneficiaries, and to do some estate planning. “Things are kind of set up on a default system that married people don’t have to think much about,” Mr. Coleman said.

If a husband or wife dies without a will, the estate will generally pass to the surviving spouse and children, which is what most people want. But a single person’s assets could pass to other relatives, even if estranged.

Contact the writer: tgulla@citizensvoice.com
By some estimates, the majority of U.S. citizens are now unmarried, as changing attitudes and demographics have increased the number of singles. Though being single may come with personal freedoms, it often comes with higher costs. Here are a few things to think about:

Focus on the present. Regardless of future plans, even if they include marriage, a single should focus on personal finances and retirement planning as the sole financier. Time and compounding interest benefit everyone, not just singles, so it pays to start early.

Lengthen the slush fund. It’s always good advice to keep some cash for a rainy day, such as if illness or injury prevents you from working. But where three months’ worth of bills and expenses might suffice for a married couple, a single might want to stretch that to six months.

Consider your estate. Even singles need to plan for the division of their estates. When there is no will, the law will dictate who gets what.

Read the fine print. Check out retirement plan policies at work to see how your benefits would pass to beneficiaries. Some plans might not pass company contributions to a beneficiary if you die before retirement.

Do some digging. Some insurers may charge singles more for car or health insurance, on a per-person basis, than a married couple. See if marriage enters into the equation for your insurance.

Sources: Unmarried America, National Endowment for Financial Educat