Retirement Without Children or a Spouse

When you see commercials for retirement plans or images depicting a “happy retirement”, you probably see a lot of images of older couples walking hand-in-hand on the beach or happy grandchildren playing with their grandparents. This is what retirement looks like for some people, but it’s not how it looks for everyone.  

One of the main things to remember about retirement is that it’s different for everyone. This is potentially no more evident than if you consider that people retire in different family or social situations. 

Millions of people in the United States are retired and living on their own. In some cases, they never married, while others are divorced or widowed. This means that life for these retirees is much different than it is for those who are living in couples or who have children or grandchildren. However, “different” does not mean “worse” or even necessarily “more difficult.” There are, of course, challenges to solo retirement, but they can be successfully navigated. 

The Challenges for Solo Agers

A successful retirement involves several aspects. It means working to become financially stable, but it also means staying active, social, and maintaining your health. All these things are possible for solo agers, but the way you go about them is different than if you were retiring in a couple. 

Financial Planning

One of the first things you will need to recognize as someone who is retiring solo is that most common retirement strategies are not designed for single people. They are often structured with couples in mind. This means you’ll need to alter or adapt your financial planning to suit your situation. 

There are some aspects of life that are more expensive when you’re living on your own, such as utilities. However, other aspects are less expensive, so you can make it balance if you work at it. One benefit of retiring solo is that you only have your own goals to achieve and your own decisions to make, so you can save for exactly what you want.

Have People You Trust

Couples talk to one another, bounce ideas off each other, and tend to make most big decisions together. When you’re a solo ager, you’re expected to make most of your decisions on your own. However, that doesn’t have to be the case. Having friends, relatives, and financial advisors that you trust can be incredibly valuable. 

This isn’t just necessary for financial planning, but it also become crucial for healthcare decisions. 

The Importance of Socializing

Having social connections is important for people of all ages, but it’s especially crucial for retirees. When you leave the workforce, it’s easy to lose many of the friends, acquaintances, and colleagues who you regularly talked with. Having social connections is important for your overall mood as well as your mental health. 

When you’re out of the workforce, it’s easy to lose contact with your workplace connections. However, it’s not inevitable, it just takes more effort. You have to arrange coffee dates instead of just hanging out in the break room together and purposely meet up for drinks instead of going out after work. However, it’s definitely possible and something that you may want to consider working towards. 

There are a lot of other great ways to stay social as a solo retiree. The first is by getting involved in events and clubs in your area. Attend local events, participate in community groups, and find people who have similar interests to yourself. These can be great ways to make friends and stay socially active.

Staying Healthy

You will never be able to predict the future, but one of the best ways to prolong your overall wellness so you can live an active an independent lifestyle as you age is to care about your physical health.

That means staying physically fit. It can often be tough to stay motivated and exercise regularly when you’re living on your own. There’s no one to tell you to get up off the couch and you might find it boring to exercise on your own. Joining an active club (such as a bird watching club that takes walks through the community or a golfing group that plays several times a week) can help. 

If you’re looking for ways to exercise on your own, know that there are a lot of online resources that can help. For example, you can stretch, do yoga, or even work on strength training in your own home by finding a video on YouTube and following along. 

Healthy eating matters as well. Many people who live alone avoid cooking regular meals because it doesn’t seem “worth it” to cook for one person. However, homemade meals are often healthier (and less expensive) than eating out. Even if you’re not an experienced cook, learn a few recipes and work to eat a healthy and balanced diet. 

Traveling and Doing Activities

A lot of people have the idea that traveling, joining clubs, or taking classes is only possible or enjoyable if you’re in a couple. This isn’t true. Again, joining groups or clubs makes all the difference here. If there’s a hobby or activity you enjoy, it’s certainly possible to find a group of others who feel the same way. Look to local community centers or recreation centers to find likeminded people.

If you enjoy traveling, but don’t want to do it solo, there are tour groups you can join. Many of these groups specialize in tourism for seniors. You won’t need to know anyone, as the group will handle all the logistics and planning. You’ll just need to focus on exploring the world with others. This can be a great way to travel independently without feeling alone. 

Legal Planning

There are some realities of solo aging that you won’t be able to avoid, such as the fact that you’ll need to appoint others to handle your health and finances. Without a spouse or child to be your default caregiver, another trusted person will need to be chosen. 

You’ll also need to make sure that you prepare certain crucial documents, such as your last will and testament. This is important for all retirees, but especially critical for solo agers. Since you don’t have a spouse or child who may become the default heir, you will need to clearly state how your assets should be distributed after your death. 

It’s also important to name a power of attorney for your personal care as well as for your property and financial matters. Sometimes, one person can handle both roles, but it doesn’t need to be handled that way. Regardless of what you decide, you need to have a trusted person who can make health decisions for you if you are unable to do so and who will responsible for handling your finances if you aren’t in a position to do so yourself.

The person handling your finances will need to be able to pay your bills on your behalf, manage your bank accounts, and handle income taxes and other financial responsibilities. For healthcare decisions, you’ll want to choose someone who can make medical decisions and living arrangements on your behalf. In both situations, it’s important to let these people know your preferences while you’re able to do so.

While solo retirement has its challenges, it can still be incredibly rewarding and fulfilling. By staying organized and planning, you’ll be able to enjoy a happy and healthy retirement doing the things you love.