If you’re over 50 like me, the word retirement comes up more than it did 10 years ago. The first of my childhood friends retired from a 28+ year teaching career just last month. Another friend whose slightly older than me is now talking about retiring after 25+ years of working for a large corporation.
Being single brings an additional level of concern to the table. Singleness has it’s benefits, but financially it can be a challenging time. I know what I think about when considering retirement, but I wanted to learn what other single women over 50 are thinking about it. Here’s what I learned:
1. Financial Security
No surprises here, money is top-of-mind for single women thinking about life after retirement. Fidelity and Vanguard advise that by age 55, a single woman should have 5-6 times her annual salary in retirement accounts. They further advise that we explore strategies to maximize our savings and consider investments that offer steady returns. Seek out a trusted financial advisor for specific advice for your situation.
2. Managing Healthcare Costs in Retirement
Healthcare costs can be a significant worry. As we age, expenses related to health care and potential long-term care needs can rise. Look into health insurance options, including Medicare and supplemental plans, and consider long-term care insurance to mitigate unexpected medical costs.
3. Building a Social Support Network
Maintaining a strong social support network is vital. Without a partner or spouse, having a network of friends, family, church, and community connections can provide emotional support and practical help as we navigate retirement. Invest in relationships and community involvement to ensure you’re not isolated. This one surprised me being at #3 because I think women are usually pretty good at this.
4. Exploring Housing Options for Seniors
Choosing the right housing is a key concern. Whether we’re considering downsizing, relocating to a retirement community, or modifying our current home, it’s essential to think about affordability, safety, and accessibility. Research different housing options that align with our lifestyle and long-term needs.
5. Planning for Longevity and Aging
With longer life expectancies – the average woman in the US lives to age 79 – planning for a longer retirement is essential. Address concerns related to aging, such as mobility, independence, and the potential need for assistance. Look into options for home modifications or supportive services that can help you maintain your independence. Most of my career was spent before the invention of standing desks. 20 years sitting at a desk all day has brough challenges that I’m working to correct now.
6. Diversifying Income Sources in Retirement
Relying solely on retirement savings can be risky. Diversify your income sources by exploring part-time work, rental income, or investments. Building multiple streams of income can provide financial stability and flexibility in retirement.
7. Managing the Emotional Transition to Retirement
Transitioning from a career to retirement can impact your emotional well-being. For many, work provides a sense of identity and purpose. Plan for this transition by exploring hobbies, volunteering, or other activities that bring fulfillment and help you adjust to retirement life.
8. Legal and Estate Planning Essentials
Legal and estate planning are crucial for securing your wishes and protecting your assets. Ensure that your will, trusts, and powers of attorney are up-to-date and reflect your current desires. Consulting with an estate planning attorney can help you navigate this important area.
9. Finding Leisure and Purpose in Retirement
A meaningful retirement involves more than just financial stability. Identify activities and hobbies that bring joy and purpose to your life. Whether it’s traveling, learning new skills, or engaging in creative projects, having fulfilling pursuits can greatly enhance your retirement experience.
10. Staying Connected to Cultural and Community Interests
Maintaining a connection to cultural and community interests is essential for a satisfying retirement. Engage in local events, join clubs or organizations, and stay involved in activities that reflect your passions and values. This connection can provide a sense of belonging and enrichment.
So THIS is what we’re thinking about when the word retirement comes up. The missing link is what to do if you’re behind in your saving and will need extra income to live well. Stay tuned for more!
