The single and fabulous lifestyle is great and all, but what happens when you turn 60? How about 80? 90? Single ladies, what are you doing for retirement planning?
If you’re reading this, you’re probably a single woman with a few anxieties about the future. We totally get that, and don’t worry—you’re not alone. Women nowadays spend a lot of time living alone, with many ending up single for most, if not all, of their lives.
The single life can be awesome. You get tons of freedom, devote your time to self-development, and basically invest all your resources on yourself. However, it does come with some pitfalls.
For one thing, because you only have one paycheck for your expenses and savings, you might not have much of a safety net if (knock on wood) something happens to you and you’re unable to work. And when you’re older, living alone can be pretty dangerous.
You could get married down the road and say that you’ll just depend on your spouse, but take into account the fact that women tend to live longer than men. And there’s also the possibility of divorce. Basically, whatever you do, you might very well end up alone during retirement anyway.
Retirement planning for singles:
That might sound bleak, but it doesn’t have to be. Prepare for retirement and you’ll be able to enjoy your golden years fully. Here are some points you have to take into account when making retirement strategies.
1. Plan for long-term care
Long-term care might be the farthest thing from your mind now, when you still have some spring in your step, but there’s a very real possibility that you won’t have people to take care of you. You can get long-term care insurance, or create a fund to help you save up for these costs.
2. Overestimate your needs
There’s an old saying that goes, “Aim for the sky and you’ll reach the ceiling. Aim for the ceiling and you’ll stay on the floor.” This couldn’t be more appropriate when it comes to retirement strategies. Life spans are longer now, and plenty of retirees are making the mistake of underestimating how much they’ll need for the future. Save more than you think you’ll need.
3. Retire later in life
If you’re able to retire earlier in life, then that’s wonderful. But there’s nothing wrong with working after your turn 60, especially if you’re still sharp and able. Working for longer will help you save more for your future, and will also keep your nest egg intact for longer.
4. Team up with a single girlfriend
You probably have a few friends in the same situation. Be each other’s go-to support—you can move in together so you’ll have company, which can spell the difference between life and death when you’re older and more fragile.
5. Get a financial adviser
If you’re particularly anxious about your future and are unsure about your ability to plan for it, hiring a professional. A financial adviser will help you plan for your future, guiding you on which steps to take to reach your financial goals, making them more attainable.
When you’ve got your retirement plan in place, you can put those anxieties aside and see that it’s possible to have a happily-ever-after ending, even as a single woman.