More American women are single than ever before. And many of you are thriving; building careers, nurturing friendships, supporting families, and creating deeply fulfilling lives on your own terms.
But here’s the reality: The financial system was built with couples in mind. When you’re single, you don’t just manage your own money — you carry all the risk alone. That’s why financial planning for single women requires a slightly different playbook.
In this week’s episode of the HerMoney podcast, Jean Chatzky sat down with finance journalist and author Renée Sylvestre-Williams. They unpacked what she calls the “Singles Tax” — the hidden financial penalties of living solo — and how to plan smarter because of it.
Here’s what every single woman should know.
What Is the “Singles Tax”?
Jean Chatzky: Define the singles tax. What is it, and where specifically does it hit single women most?
Renee Sylvestre-Williams: The singles tax is the financial penalty that single people pay in a world that benefits couples. It tends to appear in certain areas, such as hard costs. Covering a mortgage by yourself, covering rent by yourself. You have to fund your entire lifestyle without the, I would say, security of possibly having a second income to fall back on.
There are other things you need to consider. You might want to consider greater liquidity with an emergency fund you can rely on. Types of insurance to cover you if you can’t work. You may need to consider downside protection as you get closer to retirement. These are all sorts of questions that women in their thirties, forties, and fifties should be thinking about because at this point in time, it’s not so much about savings. It’s about making your money work.
Financial Planning Means Building a Team (Even If You’re Independent)
Jean Chatzky: One of the very first things that you delve into in the book is that you’re going to need a team to help you. If not today, then tomorrow. I agree with you that, as a single person, it is important not only to have someone to handle financial planning but also a sounding board. Talk me through that.
Renee Sylvestre-Williams: When you’re single, you’re doing everything: you’re working, you may have children, and you’re looking after them. You have to clean your house, cook your meals, and pay your bills. From a logistical perspective, if you can let the experts take on some of this responsibility, you can continue doing other things.
It’s always good to have that unbiased third-party approach. They will look at your financial situation or your assets, figure out what your net worth is, what kind of liability you have going on, and work with you to create a short, medium, and long-term plan that addresses where you want to be next year, five years from now, a decade, and then retirement, whether you retire at 60 or 75.
Financial Planning for Single Women: The Bottom Line
If you’re single — whether by choice, divorce, widowhood, or circumstance — your financial life operates under a different set of realities. You don’t split fixed costs. You don’t share financial risk. You don’t benefit from spousal tax strategies or retirement benefits. And when something unexpected happens, there isn’t another income automatically stepping in to stabilize the situation.
That doesn’t mean you’re at a disadvantage. But it does mean you have to plan differently.
Building financial security as a single woman requires intention. It means maintaining a larger emergency cushion. It means maximizing workplace retirement plans and tax-advantaged accounts. It means thinking carefully about housing decisions, insurance coverage, and estate planning. It means asking more questions, seeking expert guidance when necessary, and taking full ownership of your financial strategy.
The goal isn’t to live in fear of what could go wrong. It’s to create flexibility, resilience, and choice.
MORE ON HERMONEY:
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- A Week In Her Wallet: A Single Woman In Her 40s Who Travels For Work And Is Paying Off A HELOC
- The Best Ways To Invest In Yourself In February If You’re Single
