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4 Helpful Tips for Retiring Single

By: Commonwealth Senior Living / 20 Oct 2022
4 Helpful Tips for Retiring Single

Nowadays, it's becoming increasingly common to retire single. In fact, many people choose to retire alone because they enjoy the flexibility it affords them. After all, when you're single you can choose to live wherever you want and spend your time doing whatever you want without the input of another person. 

This freedom can feel empowering, but there isn't as much advice out there about retiring single. This is why we've outlined our tips below detailing how you can plan for and make the most of your golden years without a partner.

1. Create Specific Financial Goals

If you only have a single stream of revenue, it can be more difficult to save for retirement compared to when you're saving with a spouse. For this reason, it's important to create specific goals to help you achieve financial freedom come time for retirement. 

To start, you might want to set a goal to rid yourself of any debts you've accrued over the years. You may also make the goal to build your credit, or save for a house. So long as you're saving consistently each month, you're sure to reach your goals in the long term.

2. Nourish Your Relationships

One of the major difficulties that singles can run into is feeling isolated. This is why it's important to nourish your relationships and cultivate a strong support system of loved ones in retirement.

To connect socially with others, you may want to:

  • Join a community
  • Attend local events
  • Reach out to old friends or family members
  • Practice active listening
  • Cultivate a strong sense of empathy for others
  • Move into a senior living community

When you make it a priority to be there for others, they're going to want to be there for you. By putting yourself out there and making yourself available, it's going to be a matter of time before you find yourself surrounded by loved ones.

3. Think About Investing in Long Term Care Insurance

Oftentimes seniors need to rely on others to take care of them during retirement. If you don't have a spouse to help care for you, it could be a good idea to invest in long-term care insurance. If you think this option is right for you, then it's a good idea to plan ahead by investing earlier. The younger and healthier you are, the more likely you are to receive a more affordable policy.

If you're worried about your long term care, it's also a good idea to scope out senior living communities that you think would be a good fit for you.

4. Adopt a Pet

It's no secret that owning a pet is a great way to reduce feelings of anxiety and depression. Having a furry friend around also helps keep you active and give some structure to your day. You might even make it a point to give your pet a daily walk so that you have an excuse to get a breath of fresh air.

Closing Thoughts

Retiring alone can be one of the most fulfilling experiences of your life. To make the most of your golden years, you just need to be proactive about taking care of yourself mentally, financially and physically. 

And remember, one of the best ways to enjoy retirement is with a community that cares about you. If you're interested in making the most of your golden years, visit one of our communities nearest to you!

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