The Financial Disadvantages of Being Single

This pandemic has had many people thinking about preparing for the possibility that you would get infected, be hospitalized, or worse, pass away. I know of people who have prepared journals for the necessary info in case anything happens to them and those who have double-checked on their insurance or have suddenly signed up because of the times.

One thing that I realized when I looked into these things myself is that I am at a financial disadvantage as a single person. I may make a significant contribution for my retirement/pension fund and while it may be a sizeable fund, only my mother can benefit from it if I pass away. If my mother passes before I do, no one gets the money I had invested in myself when I am gone. 

Image by Engin Akyurt from Pixabay

As a single person, I already know that I am taxed higher than those who are married and have children, it doesn't matter if I am spending and helping to support my family. It's like I am being punished for not being married or having children and for helping my family out. Married people can have beneficiaries other than their parents and they can use their children as deductibles for tax and I, as a single person, have no option to choose another beneficiary other than the one parent that I have left. I don't think that's fair. I am taxed like I have nothing else to spend money on because I am single and therefore have no life and responsibilities.

I think widows/widowers with no kids have a similar dilemma in terms of pension. You also cannot choose another beneficiary for your pension when you go if you have no husband or child (or parent). That means all the funds that you were meant to have will remain with the pension fund. It's our money, but we do not seem to have the option to decide what happens to it.

An article talking about this situation in the US also talked about how singles are seemingly punished for being single with taxes and lack of other benefits that married people have. I can't help but agree. Social security/pension benefits are not so beneficial when that is the way it is set up. 

It makes me wonder if the people who made the laws about this are married. They do not know that expenses for a single person can be just as high or even higher than a married one, who can share the burden and income with his/her spouse.

Now that I think about it, single people are also at a disadvantage at work. Singles are often expected to do more work than their married co-workers since they do not have a spouse and kids to go home to. Married people are also forgiven for certain lapses at times because they have certain responsibilities at home. Again, like singles have nothing better to do. As if anything not related to having their own family is not as important or relevant. 

Is it not enough that single people are often told at a certain age that they have to be married and have kids otherwise their lives would be such a waste? That we have not matured enough to settle down? Do we really have to be punished for something that may be beyond our control? Or even if we did have a choice, why must we be punished for our choices?

Unfortunately, this is the situation for single people. Considering how overpopulated our country is, you'd think that there would be benefits for people who stayed single and without children. 

I wonder, are there any countries that treat singles fairly?