Preparing for retirement is a major life event that requires decades of planning. Retiring alone can be even more daunting because you’ll need to take specific steps to ensure you’re ready to leave the workforce and live out your years on your own. Here are five tips for a successful single retirement.
Ensure you have adequate financial resources
Make sure you have enough resources to support you through retirement. Take stock of your retirement savings and consider all income streams you plan to have during retirement, such as pension plans, Social Security payments and retirement accounts.
Create a budget
Next, establish a realistic budget for your retirement.
Make two columns: one for all income streams and one for all anticipated monthly expenses. Include all sources of funding you’ve already identified. For your anticipated monthly expenses, use the costs you currently have, incorporating any necessary changes that will take effect upon retirement. Make sure your income column covers your expenses and make adjustments as necessary.
Designate an emergency contact
Choose a friend or relative to serve as your designated emergency contact before you retire. Draw up a medical power of attorney contract so they can legally make decisions on your behalf. Save your friend’s contact info in your phone under “In Case of Emergency,” or “ICE”, so someone can easily find this number in your contacts should the need arise.
Build a strong social network
Be proactive about building a strong social network for an enjoyable retirement. Actively seek out social opportunities in your community and attend local events and gatherings to meet like-minded individuals. Common interests and life circumstances can create a mutual bond that can turn into a genuine friendship.
You can also consider a single-friendly retirement community. This can be a great way to meet other solo seniors who are also your neighbors.
Pursue your interests and hobbies
Ensure your retirement is fulfilling by continuing to pursue your interests and hobbies and to develop new ones, too. Use this time to explore activities that bring you joy, learn more about your favorite passions or even take a class in an area that captivates you.
Follow these tips for a smooth and successful single retirement. And, if you enjoyed this article, be sure to check out the rest of our MoneySmart Tips blog.