Often, retirement brings images of couples traveling the world, relaxing on porches, or downsizing to a sunny condo. However, retirement is a solo venture for millions of Americans. Whether by choice, circumstance, or chance, retiring alone is becoming increasingly common.
According to a Census Bureau report, nearly 3 in 10 adults aged 65 or older lived alone in 2022. More specifically, 27% of women and 21% of men aged 65 to 74, as well as 43% and 24% of those aged 75 or older, lived alone.
The good news? It’s possible to enjoy a deeply fulfilling, liberating, and lifelong retirement with the right planning and mindset.
So, if you’re facing retirement alone or without immediate family support, here’s how to make it work and thrive.
Get Clear About Your Vision: Your Retirement, Your Rules
One of the most compelling advantages of a solo retirement is its unbridled freedom. You don’t have to compromise, negotiate over shared schedules, or fight about where to travel next. Autonomy is a powerful gift, but it comes with a price. When you don’t have a shared vision, you have to come up with your own.
Start by asking yourself some fundamental questions;
- What does an ideal day in retirement look like for you? Be specific. Does it begin with quiet meditation, an intense workout, or a leisurely breakfast? Are you learning, creating, or interacting with others?
- Where do you genuinely want to live? Are you still happy in your current home? Are you looking for a vibrant 55+ community, rural retreat, or bustling city life?
- What truly brings you energy or peace? Engage in activities that renew your spirit, such as gardening, hiking, reading, and creating art.
- Do you envision working part-time, volunteering, or starting something entirely new? Often, purpose comes from engagement, and solo retirees should actively seek it.
Ultimately, take the time to document your goals and preferences. Whether you use a journal, a vision board, or a digital document, keep a record of your goals. You will use this clarity as a compass to guide your retirement decisions, giving them direction and purpose. Remember that your plan doesn’t have to be like anyone else’s. It only needs to be helpful to you.
Strengthen Your Financial Foundation: Your Sole Support System
As a solo retiree, you plan and fund your own future. As a result, meticulous financial planning becomes more critical than ever. Without a partner’s income and the ability to share household expenses, every dollar counts.
You should begin by evaluating your financial landscape carefully;
- Detailed monthly expenses. Don’t stop at the basics. Calculate your housing, utilities, transportation, food, healthcare (including out-of-pocket costs), leisure activities, and travel, as well as any splurges you plan on making.
- Guaranteed income streams. Provide a clear breakdown of how much you expect to receive from social security, pensions, and annuities. You should know precisely how much stable income you can expect.
- Investment income & withdrawal strategy. Find out how your retirement accounts (401(k)s, IRAs, brokerage accounts) will generate income. Often, this requires careful planning of withdrawal strategies based on market performance and longevity.
- Emergency & long-term care savings. Besides your daily needs, what are your reserves for unexpected events (medical emergencies, home repairs) or long-term care?
Lastly, consider working with a fee-only financial planner. As fiduciaries, these professionals must act in your best interests. Your advisor can help you determine an appropriate withdrawal strategy and stress-test your plan against various “what if” scenarios (inflation, medical costs, market volatility). Using Empower or Tiller can also be invaluable for tracking spending and simulating outcomes.
Another significant consideration for solo retirees? Delaying Social Security benefits. Waiting until 70 can result in a much larger, inflation-adjusted monthly income stream, especially if you are in good health. When you do not have a partner to rely on for longevity insurance, this is a powerful option.
Design a Social Safety Net: Combatting Isolation
While financial security is paramount, isolation may be the biggest, often overlooked, risk of solo retirement. If you lack a companion, loneliness can have a subtle impact on your mental and physical well-being. For solo retirees to thrive, a human connection is fundamental.
You don’t have to rely solely on family for your social connections — diversified social portfolios are a strength.
Here are some tips on building a strong, diversified support network;
- Join local clubs, meetups, or community centers. Take up a hobby or pursue an interest. There is nothing like a book club, hiking club, gardening group, or bridge club to bring people together. Meetup.com, for example, is an excellent resource.
- Volunteer for causes you care about. A great way to stay active, meet like-minded people, and gain purpose is by giving back to the community. Many places need your skills, whether animal shelters, hospitals, museums, or local schools.
- Reconnect with old friends or colleagues. Retirement offers the opportunity to rekindle old friendships. Feel free to reach out, schedule video calls, or arrange a visit. There’s something deeply comforting about these relationships since they often share a history.
- Explore co-housing or shared living arrangements. A housemate or co-housing community with shared living and social interaction offers a sense of community and shared responsibilities for some.
- Consider moving to a 55+ community, where social interaction is encouraged through extensive calendars of activities, clubs, and shared spaces.
In the end, focus on building a “chosen family” of trusted friends, neighbors, and community members who provide companionship as well as support as biological relatives. As your emotional safety net, this network prevents isolation and enriches your everyday life.
Plan for Healthcare and Long-Term Care: Your Independent Future
As a solo retiree, you have no built-in partner to take care of you in times of illness or frailty. Considering this reality, proactive planning for healthcare and possible long-term care is essential for maintaining independence and dignity.
Here are some steps you can take to ensure a bright future in healthcare;
- Understand Medicare inside and out. The Medicare system can be complex. At the minimum, though, make sure you understand what Part A, B, and D cover, and what they do not. For your budget and needs, consider Medicare Advantage (Part C) or Original Medicare with a Medigap policy (to cover gaps) and a Part D prescription drug plan.
- Consider long-term care (LTC) insurance. For solo retirees, this is often the most critical component. Although costly, long-term care insurance can help cover the astronomical costs of home health care, assisted living, and nursing home care. Unless you have it, you will quickly exhaust your life savings. So, research your options early, as premiums are lower when you’re younger and healthier.
- Create a comprehensive emergency plan. Don’t wait until a crisis occurs. Create a “grab-and-go” file or binder with critical information: emergency contacts (neighbors, friends, medical professionals), current medications, allergies, insurance info, and a clear plan for who to call if you need immediate help.
- Appoint a healthcare proxy and a financial power of attorney. This is non-negotiable. If you become incapacitated, choose someone trustworthy (Healthcare Proxy or Medical Power of Attorney) and someone trustworthy to manage your finances if you cannot (Financial Power of Attorney). Even if you cannot manage your affairs yourself, your wishes will be respected.
When it comes to health care, aging solo does not mean getting older alone. But it does mean setting up formal plans early, before a crisis occurs. With such foresight, you can rest assured.
Make Your Home Work for You: A Foundation of Independence
In retirement, your home should be a place of refuge and support for you. However, if it no longer meets your needs, it can become a burden. As a solo retiree, it’s vital to ensure that your living situation promotes independence, safety, and connection.
Take a realistic look at your current living situation:
- Is your home too large or expensive to maintain? Maintaining a large home, paying property taxes, and paying utilities drains your resources and energy.
- Are there stairs, maintenance demands, or features that could become challenging later in life? Be proactive about aging in place. How wide are the doorways? Does the bathroom have an accessible entrance?
- Is your home near essential services, reliable transportation, and a vibrant community? A lack of grocery stores, healthcare, social activities, or public transportation can exacerbate loneliness.
Downsizing or relocating may be an option if your current home doesn’t meet your retirement vision. Renting allows some solo retirees to escape the responsibilities of homeownership. Alternatively, they may move closer to walkable neighborhoods, senior communities for social interaction, or even near friends who already offer a community.
Rather than waiting for an accident, an illness, or a significant maintenance issue to force your hand, the key is to make these decisions proactively. Before it becomes a necessity, choose the living environment that best supports your goals, independence, and desired lifestyle.
Stay Active and Engaged: Purpose Beyond the Paycheck
Retirement isn’t just about stopping work; it’s about redefining your days with meaning and purpose. For solo retirees, structure and engagement are even more essential since there is no partner’s schedule or shared activities to fill the gap. Being engaged isn’t just a way to pass the time; it’s also a way to prolong your life, live more vibrantly, and be happier.
You can stay energized, mentally sharp, and connected by following these strategies;
- Pursue lifelong learning. Whenever you are exposed to something new, your brain thrives. For seniors, college and university courses are often free or deeply discounted. There are also endless opportunities to learn on any topic through online learning platforms such as Coursera, edX, or even YouTube.
- Take up a creative hobby. Put your right brain to work. Painting, poetry, music, community choirs, ceramics, or even gardening enhance mental health, provide a sense of accomplishment, and can even lead to new social circles.
- Volunteer. Get involved in your community. By helping others, we develop a profound sense of purpose, reduce feelings of isolation, and build strong social bonds. Don’t be afraid to get involved with a cause you are passionate about and offer your time and skills.
- Explore encore careers. Take on a part-time role, consulting gig, or passion-based side hustle if you aren’t quite ready to stop working entirely. Having an “encore career” can provide extra income, keep you mentally stimulated, and keep you socially active.
The goal isn’t just to stay busy. It’s to stay engaged, actively doing things that make your life meaningful, providing momentum, and being inspired.
Protect Yourself Legally and Digitally: Safeguarding Your Independence
For solo retirees, fraud, scams, elder abuse, and financial exploitation present a sobering reality. When you do not have a close family member or partner regularly checking on your accounts, you may be more vulnerable. As such, in the digital age, proactive self-protection is paramount.
Building robust layers of protection:
- Fortify your digital security. Make sure all online accounts have strong, unique passwords. Use two-factor authentication (2FA) wherever possible (especially when it comes to banking, email, and social media). If you receive an unsolicited email, call, or text, be highly suspicious, and never click on links that seem suspicious.
- Freeze your credit. If you do not intend to apply for new credit (loans, credit cards), freeze your credit with Equifax, Experian, and TransUnion. It’s one of the best ways to prevent identity theft.
- Set up trusted contact alerts with financial institutions. Your bank or brokerage firm may allow you to name a “trusted contact person” on your account. If the institution suspects financial exploitation or is unable to reach you, this individual can be contacted.
- Meet with an estate planning attorney. The issue is non-negotiable. Your will should be up-to-date, and you should have legally binding healthcare directives (living wills) and powers of attorney (financial and medical). If you are unable to act on your behalf, these documents ensure your wishes will be followed.
- Create a “life file” or digital binder. Keep a list of all your important documents, account numbers, passwords (stored securely, ideally with a password manager), important contacts, and emergency instructions. If necessary, let a trusted (and designated) person know where this “life file” is located.
Don’t let potential threats get the best of you. In retirement, you need to ensure your independence and security are protected by legal and digital safeguards.
Create Joy and Traditions — Even Solo: Redefining Celebration
There’s no need to sacrifice joy, tradition, or celebration just because you’re navigating retirement on your own. The wonderful thing about solo retirement is the freedom to create your own meaningful rituals and traditions, without accommodating anyone else’s preferences.
You can create your tapestry of joy if you allow yourself to do so:
- Host a “Friendsgiving” or holiday gathering. Do not wait to be invited. Take the initiative to host family or friends on special occasions or during holidays if you enjoy entertaining.
- Start a solo birthday tradition. Make your birthday one to remember. Consider an annual trip to an exotic location, a spa day, a special meal, or an adventure you’ve always wanted to experience.
- Journal, Scrapbook, or Document Your Adventures: Solo travel or experiences can be vibrant. Take the time to reflect, write, and visually capture your memories. This creates a personal legacy and reinforces the joy of your journey.
- Create an annual giving tradition or legacy project. Consider giving a yearly contribution to a cause you’re passionate about, or invest time in a long-term project that makes a difference in your community. As a result, one feels profound fulfillment and purpose.
Understand that retirement isn’t the end of your story; it’s the beginning of a new chapter you can write without compromise. Solo living can lead to profound self-discovery and the creation of a life tailored to your particular needs.
Conclusion: You’re Not Alone
Your choice to retire solo may not have been your original plan, or you may have made it with a deliberate embrace of personal freedom. No matter how you arrived at this point in your life, you’re in remarkable company as the retirement landscape changes. There are more and more people navigating this life stage independently and actively thriving in ways they never imagined were possible.
Yes, embarking on a solo retirement requires intentional planning from a financial, social, logistical, and emotional perspective. As a result, you must take the initiative where others may depend on a partner. Nonetheless, that thoughtful planning brings immense peace of mind and unwavering confidence to shape this next chapter in your unique way.
Throughout your life, career, and personal strength, you have committed years to building a strong foundation. Here’s your chance to own this next chapter — empowered by insight and a bright vision for your future.
Image Credit: Kampus Production; Pexels
