Child-free people still need financial planning. See why, from a KC area planner

About four seconds after my vows were exchanged and the marriage sealed with a kiss, the questions started: “When are you having children?” We were in our “childbearing years,” so, naturally, the questions made sense.

My husband and I did plan on having children — but due to circumstances beyond our control, we weren’t able to conceive. It was the first time in my life that I didn’t hit a milestone that society assumed would be my next.

This experience opened my eyes to just how much our world is set up around those with children. I noticed this particularly in my profession of financial planning, where the “typical” process is very family-centric. For this reason, I’m not surprised when I speak with people who don’t have children and they feel financial planning isn’t relevant for them. But nothing could be further from the truth.

Financial planning is important for everyone, regardless of whether you have kids. Here are three key financial considerations for those without children.

Plan for the now

Popular opinion often suggests that not having children — whether by choice or circumstance — means having more time, money and freedom. While that can be true, too much of anything can be overwhelming. Many people with fewer financial and familial obligations experience a sense of being untethered, with more resources but less direction.

This is where financial planning becomes crucial. It’s not just about accumulating wealth; it’s about aligning your time and money with your values. For those who may feel they have “enough” but lack purpose, a simple values exercise can provide clarity. It helps you set priorities and find meaning in how you spend your time, energy and resources.

Plan for the future

Saving for the future is a critical step for everyone, but how that savings is used can vary widely depending on your personal goals. Retirement, for example, doesn’t have to look like the traditional “retirement at 65” model. Many people without children may want to retire early or pursue a completely different lifestyle in later years.

To achieve that, diversifying your savings is key. While traditional pre-tax accounts, like 401(k)s and IRAs, offer tax advantages, they come with age restrictions, typically accessible only after 59 ½. If you plan to retire earlier or need access to funds before then, it’s essential to supplement your savings with a brokerage account. This won’t reduce your taxes today, but it gives you the flexibility and freedom to access funds when you need them most.

Plan for the unmentionable

There’s a common misconception that people without children don’t need a will or life insurance. This is far from the truth. Everyone, regardless of family status, should have plans in place to protect themselves and their assets.

While life insurance may not be necessary for college funding purposes, it can serve many other purposes, such as ensuring your spouse or partner can stay in the family home if something happens to you. Additionally, even without children, estate planning is essential. Having a will or trust in place ensures that your wishes for asset distribution are carried out.

Equally important are documents like a medical and financial power of attorney. These ensure that someone you trust can make decisions on your behalf if you’re unable to. It’s crucial for everyone, especially those without natural heirs, to have these documents in place to provide guidance when they can no longer make decisions for themselves.

Final thoughts

Financial planning is not just for those with children. For those of us without children, it’s just as important to have a plan that aligns with our values, secures our financial future and protects our wishes through estate planning. While the planning process may look different from what we typically see advertised, it’s no less essential. The freedom of having more resources comes with the responsibility of making sure those resources serve your long-term goals and the life you envision for yourself.

Jessi Chadd, CFP is a Principal and Chief Wealth Officer at Aspyre Wealth Partners in Overland Park and is a member of the Financial Planning Association of Greater Kansas City.

Do you have financial topics or questions you’d like answered by a CFP professional? If so, submit your question or topic to KCFPA@gmail.com and your topic or question may be featured in a future article.

This story was originally published August 20, 2025 at 6:38 AM.