Retirement is often portrayed in media as a two-ticket luxury cruise — a couple walking hand in hand on a beach, finally enjoying the fruits of their shared labor.
But what if you are approaching the finish line alone?
Whether through divorce, widowhood or having always been single, retiring solo is a fundamentally different financial and emotional calculation than retiring as a pair.
The primary difference is the lack of a built-in backup system. There is no second Social Security check to patch a budget hole, no second opinion on investment decisions and, perhaps most critically, no built-in caregiver in the other room if your health takes a turn.
While the challenges are universal for single folks, they sometimes skew by gender. Research often suggests single women face greater financial risks due to the wage gap, career breaks for caregiving, and longer life expectancies requiring larger nest eggs.
Single men, conversely, often face greater social health risks post-retirement, as they are statistically more likely to rely on their careers for identity and their partners for social connectivity, leading to higher rates of isolation once the job ends.
Retiring solo isn’t about being afraid; it’s about being prepared. It requires a sturdier plan and a proactive approach to both your wallet and your well-being.
Here are 10 considerations for those preparing to make the leap alone.
1. Acknowledge the cost of living solo
A common mistake is assuming a single person needs 50% of what a couple needs. The reality is closer to 70% or 80%.
You cannot split the mortgage, the property taxes, the utility bills, or the internet subscription. A new roof costs the same whether one person lives under it or two.
Actionable advice: Don’t use generic retirement calculators. Build a detailed, ground-up budget based on your actual current spending, then adjust for retirement. Recognize that your housing and utility costs will consume a larger percentage of your income than your coupled peers.
2. Supercharge your emergency fund
If a couple faces a sudden $5,000 medical bill or a job loss right before retirement, they might lean on the other partner’s income. You don’t have that luxury. If your furnace dies in January, you are 100% responsible for the repair.
Actionable advice: While three to six months of expenses is standard advice for workers, single retirees should aim for a larger cash cushion — ideally six to 12 months — in a high-yield savings account. This prevents you from having to sell investments during a market downturn to fix your car.
3. The crucial documents: Who speaks for you?
This is perhaps the most sobering, yet vital, aspect of solo retirement. If you are incapacitated by a stroke or accident, who is legally authorized to pay your bills and make medical decisions? Without a partner, there is no automatic default.
Actionable advice: Do not wait. See an estate attorney immediately to establish a durable power of attorney (for finances) and an advance health care directive/medical proxy (for health decisions). Appoint a trusted friend, sibling, or adult child. Going it alone means being proactive about your legal protections.
4. Maximize Social Security for one
Couples have complex strategies regarding spousal benefits and survivor benefits. Your strategy is simpler, but the stakes are higher because this check is likely your safety net against outliving your savings (longevity risk).
Actionable advice: If you are in good health and have enough savings to bridge the gap, delay claiming Social Security until age 70. This guarantees the highest possible monthly payout for the rest of your life — a crucial insurance policy for the single person who might live to 95.
5. Make a realistic long-term care plan
The question that keeps many singles awake at night is: “Who will take care of me if I can’t bathe or dress myself?” Relying on distant relatives or hoping for the best is not a plan.
Actionable advice: Long-term care insurance covers what Medicare won’t: home care, assisted living, daily assistance. Buy in your 50s or early 60s for lower premiums. (For a list of different companies offering long-term care insurance, click here.)
It can be a significant expense, but it is critical for protecting your assets. If traditional premiums are too high, look into hybrid life insurance policies with LTC riders.
6. Rethink housing: Isolation vs. community
The big house in the suburbs might hold memories, but it can become a prison of isolation and maintenance chores for an aging single person. Aging in place is noble, but it requires a home that is safe and accessible.
Actionable advice: Conduct a brutal assessment of your home. Are there too many stairs? Is the yard work unsustainable? Consider downsizing before you have to. Look into 55+ communities, condo living, or even senior co-housing arrangements that build social interaction directly into the living environment.
7. Be proactive about your health
Couples often act as health watchdogs for each other (“That mole looks weird; go to the doctor”). As a single, you must be your own vigilant health advocate. There is no one else to nag you into preventative care.
Actionable advice: Treat your health like a job. Schedule your annual physicals, screenings, and dental appointments on your birthday month every year so you never forget. Staying active is also key; activities like volunteering can provide both physical activity and purpose.
8. Combat loneliness
Loneliness is a serious health risk in retirement, linked to cognitive decline and heart disease. The workplace provides built-in socialization that vanishes overnight. This is a particular challenge for men, who often have smaller social networks outside of work than women.
Actionable advice: Don’t wait until retirement to build a social life. Cultivate a support network now. Two years before you quit, join a club, a volunteer group, or a league unrelated to your career. You need to establish a chosen family and a reason to leave the house on a Tuesday morning.
9. Redefine your purpose
When your job title is gone, who are you? Couples often transition into a shared identity of grandparents or travel companions. Singles need to firmly define their individual purpose rooted in their own passions.
Actionable advice: Write down a retirement mission statement. Research shows that happiness can peak in our later years if we stay engaged. What do you want your contribution to be? It could be mentoring, mastering watercolor painting, or becoming the fittest 70-year-old at the local gym.
10. Embrace solo freedom
We’ve covered the hard stuff, so let’s end on the massive upside. You don’t have to compromise. You don’t have to negotiate where to live, where to travel, or what temperature to set the thermostat.
Actionable advice: Budget for joy. Create a solo adventure fund. Whether it’s a hiking trip in Peru or finally buying that vintage guitar, earmark money that is purely for exploring the incredible freedom that comes with only having to answer to yourself. Smart travel hacks can help you see the world without breaking the bank.