Celibacy? Here’s How to Build a Lettering System in 10 Steps

Retirement is often portrayed in the media as a comfortable two-ticket cruise – a couple walking hand-in-hand on the beach, finally enjoying the fruits of their shared labor.

But what if you’re nearing the finish line alone?

Whether through divorce, widowhood or remaining single, retiring alone is a very different financial and emotional calculation than retiring as a couple.

The main difference is the lack of a built-in backup system. There’s no second Social Security check to plug a hole in the budget, no second opinion on investment decisions and, perhaps most importantly, no guardian built into the other room if your life changes.

Although the challenges are universal for single people, they sometimes change by gender. Research often suggests that single women face greater financial risks due to the wage gap, career breaks, and longer life spans that require larger nest eggs.

Single men, in contrast, tend to face greater social health risks after retirement, as they are statistically more at risk of relying on their jobs to get to know themselves and their partners to socialize, leading to higher levels of isolation when work is over.

Retiring alone is not scary; it’s about preparation. It requires a solid plan and a practical approach to both your wallet and your well-being.

Here are 10 things to consider for those preparing to make the leap alone.

1. Appreciate the cost of living alone

A common mistake is to assume that one person needs 50% of what a couple needs. The truth is closer to 70% or 80%.

You can’t split the mortgage, property taxes, utility bills, or internet registration. A new roof costs the same whether one person lives under it or two.

Advice that can work: Do not use generic retirement calculators. Create a detailed, basic budget based on your current spending, and prepare for retirement. Know that your housing and operating expenses will eat up a larger percentage of your income than your peers combined.

2. Top up your emergency fund

If a couple faces an unexpected $5,000 medical bill or job loss just before retirement, they may be dependent on the other spouse’s income. You don’t have that luxury. If your furnace dies in January, you are 100% responsible for repairs.

Advice that can work: While three to six months’ worth of expenses is common advice for workers, single retirees should aim for a larger cash cushion — six to 12 months — in a high-yield savings account. This prevents you from having to sell the investment during a market downturn to fix your car.

3. Key documents: Who speaks for you?

This is perhaps the most sobering, but important, aspect of solo retirement. If you are disabled due to a stroke or accident, who is legally authorized to pay your bills and make medical decisions? Without partners, there is no default.

Advice that can work: Don’t wait. See an estate attorney right away for a strong power of attorney (financial) and advance health care directive/medical proxy (for health decisions). Choose a trusted friend, sibling, or older child. Going solo means being proactive about your legal protection.

4. Increase Social Security in one

Couples have complex strategies regarding spousal benefits and survivor benefits. Your strategy is simple, but the stakes are high because this check could be your safety net when you save your money (longevity risk).

Advice that can work: If you’re in good health and have enough savings to cover the gap, delay claiming Social Security until you’re 70. This guarantees the highest possible monthly payment for life – essential life insurance for a single person who can live up to 95 years of age.

5. Make a realistic long-term care plan

The question that keeps many singles up at night is: “Who will take care of me if I can’t shower or dress myself? Relying on distant relatives or hoping for good is not a plan.”

Advice that can work: Long-term care insurance covers what Medicare can’t: home care, assisted living, daily assistance. Shop in the 50s or 60s for lower premiums. (For a list of different companies that offer long term insurance, click here.)

It can be a big expense, but it’s important to protect your property. If traditional premiums are too high, look for hybrid life insurance policies with LTC riders.

6. Rethink housing: Isolation versus community

A large house in the suburbs may hold memories, but it can also be a prison of isolation and caregiving for an elderly single. Aging in place is a good thing, but it requires a safe and accessible home.

Advice that can work: Do a thorough inspection of your home. Are there too many stairs? Is yard work unsustainable? Consider downgrading before it’s necessary. Look into 55+ communities, condos, or even shared housing programs that build community connections right into the living space.

7. Be busy with your life

Couples often act as health monitors for each other (“That mole looks weird; go see a doctor”). As an individual, you should be your own vigilant health advocate. No one else can get you into preventive care.

Advice that can work: Treat your life like a job. Schedule your annual physicals, exams, and dental appointments around your birthday every year so you never forget. Staying active is also key; activities such as volunteering can provide both physical activity and purpose.

8. Fight loneliness

Loneliness is a major health risk in retirement, linked to cognitive decline and heart disease. The workplace provides a built-in sociality that disappears overnight. This is a particular challenge for men, who tend to have smaller social networks outside of work than women.

Advice that can work: Don’t wait until retirement to build a social life. Cultivate a support network now. Two years before you quit, join a club, volunteer group, or league unrelated to your job. You need to establish a chosen family and a reason to leave the house on Tuesday morning.

9. Redefine your purpose

If your job title is gone, who are you? Couples often transition to shared ownership with grandparents or travelers. Singles need to firmly define their purpose for each other based on their passions.

Advice that can work: Write down a statement of intent for retirement. Research shows that happiness can be higher in our later years if we stay engaged. What do you want your donation to be? It could be directing, becoming a watercolor master, or being a 70-year-old fitter at the local gym.

10. Embrace freedom on your own

We’ve covered the heavy stuff, so let’s end it with a big high. You don’t have to compromise. You don’t have to negotiate where you live, where you’re going to travel, or what the temperature is to set the thermostat.

Advice that can work: Happiness budget. Create your own adventure fund. Whether it’s a hiking trip in Peru or finally buying that vintage guitar, put money towards exploring the incredible freedom that comes with being solely responsible. Smart travel hacks can help you see the world without breaking the bank.