How to save if you’re not sure about having children

If you’re child-free — that is, if you don’t have children and don’t plan on having any — you can likely follow a completely different financial path than people with children. You don’t have to pay for childcare, save for college, or, in many cases, worry about leaving money behind for heirs.

But there are some unique considerations you do need to plan for, like who can help manage your life and financial affairs as you age, as well as your plans for aging in place or long-term care.

For some people, the decision to have children or not can present as a clear fork in the road, but for others, the way forward might not be so clear, says Kelley Long, a certified financial planner and author of the forthcoming book “But Who Will Take Care of You When You’re Old?” about child-free financial planning.

“There’s an assumption that people who are child-free either decided at some point, ‘I’m child-free,’ or they have tried and tried and tried [to have children] and they can’t,” she says, but “there is a significant population of people who are like, ‘I don’t know.'”

If you fall into the latter bucket, it’s important to prioritize flexibility in your financial planning, Long says. While the money you’re saving could be put toward raising a child, you also want to be able to use it to fund a fulfilling life if your priorities shift.

“What possibilities for your life have you previously not even considered because you wanted to be close to family or provide a stable house or be ready to have kids?” she says. “What would you maybe explore if you knew you didn’t have to worry about anyone but yourself?”

How to save if you don’t know if you’re having children

Health savings accounts are tax-advantaged savings vehicles available to those enrolled in high-deductible health plans. Like a flexible spending account, an HSA is funded with pre-tax dollars and can be used to cover healthcare expenses throughout the year. Unlike an FSA, however, an HSA has no “use it or lose it” provision, and funds can accumulate in your account from year to year.

In 2026, you can contribute up to $4,400 to an HSA if you have self-only coverage or $8,750 for family coverage, with an additional $1,000 contribution available to those age 55 or older who aren’t on Medicare.

Long urges savers to make the maximum contribution each year and, if possible, pay for medical expenses out of pocket. That’s because money in an HSA can be invested in the likes of stocks, bonds and mutual funds. That money is allowed to grow tax-free, plus, you won’t owe anything to Uncle Sam when you take the cash out, as long as you put it toward qualified medical expenses — past or present.

For someone who may have to sort out post-retirement healthcare on their own, that’s a powerful safety net, Long says. Plus, should you want to use savings you otherwise would have spent on a child to retire early, a well-funded HSA can help you avoid what she calls “job lock”: “You won’t have to stay in a job just to have health coverage.”

Roth IRA

Whether you end up having children or not, you’ll still want to have ample retirement savings, Long says. Her retirement account of choice: a Roth IRA.

You fund Roth accounts with money you’ve already paid taxes on. From there, money in your account grows tax-free. Then, provided you’re age 59½ and have held the account for five years, you can take your contributions and earnings out in retirement without owing another dime in federal tax.

Unlike traditional IRAs, which penalize savers for taking money out before retirement age, Roths offer some flexibility on withdrawals. You can withdraw contributions to a Roth IRA at any time, without penalty. And provided you’ve held your account for at least five years, you can generally take out contributions and earnings for qualified reasons, such as becoming disabled or buying a home, for which you can take out up to $10,000.

For 2026, you can contribute up to $7,500 to a Roth IRA ($8,600 if you’re 50 or older), though contribution maximums phase out and then disappear for single filers with modified adjusted gross income between $153,000 and $168,000.

If you’ve been saving for a child you don’t ultimately have, having access to your money before retirement age is invaluable, says Long. “Your late 30s until your late 50s, early 60s are good years. You’re at the point where you often have a trifecta of health, wealth and time.”

Taxable brokerage account

Financial planners often recommend investing at least enough in a workplace retirement account to receive any matching contributions your employer may offer. Long agrees, but adds that those who may be child-free should beware of many of those accounts’ inflexibility. Withdrawals from workplace accounts before age 59½ are generally subject to taxes and penalties, with some exceptions.

“A 401(k) is great for the match, but you’re locking your money up,” she says. “That would be low on my priority places to save.”

For those who may want access to their money sooner, consider a taxable brokerage account, Long says.

As the name implies, you owe tax on money you earn while investing in these accounts. Sell an investment for more than you paid for it, and you’ll owe tax on the profit, known as capital gains tax. Short-term gains — those realized on investments held for one year or less — are taxed as regular income, while long-term gains are taxed at a rate between 0% and 20%, depending on your taxable income. You’ll also generally owe tax on income from stock dividends or bond interest.

Those may be costs worth absorbing to have the ability to shift gears more quickly financially, Long says. “When you’re younger and you know you’re not going to have kids, you might plot out a totally different life path.”

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