Being single brings freedom and challenges.
Are you single?
If yes, you are not alone.
The 2018 Census Bureau found about six percent of Americans have never been married.
About 22 percent of Americans between ages 64 and 75 live alone.
According to a recent Paradise Post article titled “Retiring single,” singles have unique retirement concerns.
What should you consider?
You are responsible for yourself.
You do not have spouse you can rely on for financial support.
Meet with an experienced financial advisor to prepare as soon as possible for retirement.
Aging and retirement bring with them many changes.
One such change is decreasing health.
How will you pay for these expenses?
Who will make medical decisions or take care of finances if you become incapacitated?
For singles, having an estate plan and working with an experienced estate planning attorney is crucial.
He or she will help you get the necessary health care directives, powers of attorney, and last will in order.
Relationally, you will not have the built-in companionship of a spouse.
It will be important in retirement for you to find community.
Social media relationships will not suffice.
What can you do?
Volunteering and pursuing hobbies will help you develop relationships with those of similar passions and interests.
Make an effort to stay in touch with loved ones, even if they move.
Go visit, have phone dates, and meet up for coffee.
Being single in retirement can be quite rewarding.
Like any part of life, you will get out of retirement what you put in.
Reference: Paradise Post (June 24, 2019) “Retiring single”
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