Going Solo: Making a Plan for Retiring Single
Planning for retirement as a single adult comes with unique opportunities and considerations. Without a partner to share financial responsibilities or decision-making, it’s important to have a solid plan in place to ensure long-term security and fulfillment. From budgeting and housing to social connections and healthcare, taking proactive steps now can set the stage for a rewarding and worry-free retirement. Whether you’re just starting to plan or refining your strategy, exploring your options can help you create a secure and enjoyable future.
What exactly is a solo senior? According to AARP, a solo senior is someone older than 50 who has no spouse or children to support them. About a third of people aged 50 and older live alone and either don’t have children or can’t depend on them for help.
The Unique Challenges of Retiring Solo
Solo seniors face the same challenges that those with spouses and children do, but they lack the built-in support network to rely on as they get older. While it benefits everyone to plan for their retirement years, solo seniors need to be even more forward-thinking when planning for their future.
According to this New York Times article, about 40% of solo seniors have designated someone to make medical and financial decisions on their behalf. Less than 20% have made plans for future continuing care needs.
Planning for Retirement Single
Having family members you can depend on isn’t the only solution for solo singles. With the right planning, you can ensure that you continue to live exactly as you wish. Experts recommend having advance directives detailing your wishes about medical treatment and end-of-life care; a will that specifies how you want your assets distributed; and a health care proxy and durable power of attorney that names people you trust to make medical and financial decisions if you are incapacitated. Lastly, it’s smart to address any other concerns or wishes you may have, such as who will care for your pet and who will receive any special possessions you may have.
Solo But Not Lonely
Today’s solo seniors understand that being alone isn’t the same as being lonely—and they actively work to build both a strong network of friends and a fulfilling lifestyle. One great way to achieve this is by exploring life in an active senior living community. The best senior living communities, like those offered by Springpoint in New Jersey and Delaware, provide engaging activities, lively events, and exciting outings.
Meadow Lakes in New Jersey, for example, offers a library, croquet court, performance hall, and art studio. Also in New Jersey, The Atrium at Navesink Harbor features the same amenities, but also daily sunset cruises down the river on their pontoon boat. Finally, explore the services and amenities at Stonebridge of Montgomery in Skillman, New Jersey. It’s hard to feel lonely or bored when every night you have options ranging from French club and cornhole to movie night.
Discover the Springpoint Difference
If you’re interested in the active lifestyle and opportunities for meeting people that an active senior living community offers, we encourage you to learn more about Springpoint’s senior living communities. Contact us today to take the first step toward a secure and fulfilling retirement lifestyle. We look forward to welcoming you to Springpoint and helping you explore the many benefits our communities offer.
