Dear Angel,
I am currently single and loving it and will be retiring in the next few years. Do you have any tips or considerations for those who are retiring solo?
Thanks for your help!
Alona Ghenn
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Dear Alona,
You are not alone in retiring alone! According to Pew Research, more than one in four people (27 percent) older than 60 live solo. Moreover, women are 50 percent more likely than men to live alone — and by the time they are age 75 or older, approximately 44 percent of women are living in households of one.
Although living a single life is chosen by many, it is often thrust on others by life (or death) events and older age. While losing a partner in older age is a sad fact of life, divorce can also be an unanticipated shock in retirement. There are many planning considerations to support solo living in retirement that singles must do on their own. Here are three important things to think about when retiring alone:
- Remain socially connected. Social connection is critical to well-being at any age, whether you are single or part of a couple. Solo retirees may have to work harder to stay socially connected, but it’s important to do so. There have been many studies on the associations between social isolation, loneliness, and the risk of dying early. According to a recent study in the journal Nature Human Behaviour, “people who experienced social isolation had a 32 percent higher risk of dying early from any cause compared with those who weren’t socially isolated. Participants who reported feeling lonely were 14 percent more likely to die early than those who did not.”
- Aging in the “right place.” The vast majority of people over 50 want to remain in their home. Solo retirees may find that the “right place” is even more important for them. Are you retiring in a place that offers frequent opportunities to connect with others? Are there transportation alternatives if you no longer drive? Are there quality service providers to help with tasks necessary to remain independent, such as taking out the trash, cleaning, doing the laundry, changing light bulbs, or preparing a meal? These should be considerations when determining the best place to call home when you are a senior who is aging alone.
- Who will take care of you? At some point almost everyone will need help in older age, whether you are alone or part of a couple. This often goes beyond help around the home and can include medication support, bathing, dressing, and home health care. Solo retirees will have to consider who will care for them when this need arises. Living alone in retirement guarantees that there are no built-in assumptions — only the need to anticipate, plan, and finance care in later life.
Important Considerations
What would happen if you were to suddenly become incapacitated, and you were living alone? Who would make medical decisions for you? If you haven’t worked with an experienced Estate Planning attorney to have your wishes legally documented in a properly executed Advance Medical Directive, the answer to this question becomes quite complicated.
And what about your finances? If you are unable to pay your bills and take care of your other financial and legal affairs for a period of time, who do you think will do so? If you don’t have a comprehensive General Power of Attorney in place, the answer to that is: whomever the court appoints as your guardian and conservator.
Finally, what will become of your things if you should unexpectedly pass away? Who would have legal rights to your belongings, to your home, to your pets? You may think you know the answers, but without clearly outlining your wishes with an experienced Estate Planning attorney, you have very little control over the matter.
For a single adult aging alone, it’s critical to look out for yourself. Incapacity Planning documents that all adults should have in place include an Advance Medical Directive, a Financial Power of Attorney, and a plan for long-term care. These are crucial in ensuring that your wishes are met and that you have control over your future. An experienced Estate Planning attorney, such as the attorneys at the Farr Law Firm, can get you on the path to having these affairs in order whether you are aging alone or with a partner.
Hope this helps!
Angel
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