Preparing for retirement is both a challenging and hopeful journey — one that sets the stage for a fulfilling future. While some considerations are universal, being single brings its own set of unique opportunities and anxieties to the process.

Without a spouse to share in the anticipation or weigh in on decisions, you may feel the weight of planning on your own. However, this independence can be empowering, giving you the freedom to shape your retirement the way you want.

Financially, being single might bring more concerns, as you’re relying solely on your income and investments. But there’s a silver lining: you only have your expenses to manage, which simplifies budgeting in some ways.

Here are seven steps to help you navigate this journey with confidence:

  1. Stay productive - Whether you are single or partnered, keep yourself intellectually engaged by doing new things and exposing yourself to fresh experiences. Things that anyone preparing for retirement should practice include eating well, staying physically active, and giving up bad habits. If you’re navigating this transition alone, allow yourself time and patience to adapt — it’s okay to grow at your own pace.

  2. Scale down - Downsizing is a reality for most people entering retirement, but it can feel more pressing when you’re managing everything on your own. Reducing your possessions can make life easier and provide clarity for the road ahead.

  3. Plan ahead - No matter your relationship status, getting your finances in order is crucial. Take stock of your investments, Social Security, retirement plans, insurance, living expenses, will, Power of Attorney, and estate. Make any needed changes. Planning ahead ensures peace of mind and helps better secure your future.

  4. Consider your long-term care needs - For those without a partner, it’s especially important to think about long-term care. Consider where you’ll live as your needs change and explore options like assisted living and long-term care insurance.

  5. Shield yourself from unexpected medical costs - Medicare Supplement Insurance provides essential coverage beyond what Medicare offers, helping to manage out-of-pocket expenses like deductibles, copayments, and coinsurance. For single retirees who rely solely on their own income and resources, this added protection can offer financial stability and peace of mind in managing healthcare costs.

  6. Surround yourself with your people – Singles can find comfort in investing in various kinds of relationships as having a strong network of friends and a supportive community can be essential. These connections can offer help, companionship, and a sense of belonging — things we all need. Considering this in retirement might look like making future plans to relocate where a friend or family member is or exploring what extended vacations together in retirement might require and figuring out how you need to financially prepare to make that happen.

  7. Phone a friend - Finally, think about choosing a trusted friend or family member to confide in. Sharing your hopes and dreams for the future with someone who knows and supports you can provide encouragement and help keep you grounded as you move into this exciting new chapter of life.
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