Retiring Single? Five Key Questions to Guide Your Plan

Retirement is a milestone that is filled with possibilities and provides the freedom to explore passions, spend time as you choose, and embrace a new chapter. If you’re entering this stage on your own, it can feel empowering and a little overwhelming. The good news? With thoughtful planning, you work toward a retirement plan that reflects your independence while building a foundation for your next move.

Many people picture retirement as a shared journey with a spouse or partner. In reality, that’s not always the case. According to a 2024 report from the U.S. Administration on Aging, nearly one-third of men and more than half of women over age 65 are widowed, divorced, or have never married. If you’re single and planning for retirement, your considerations may look a little different.

While the fundamentals of retirement planning, which include saving enough, managing expenses, and preparing for health care, apply to everyone, singles often face unique challenges. Asking the right questions now can help you build a plan that supports your financial situation and lifestyle.

1. What do I want my retirement to look like?

If you have been single for a while, you may already have a vision for retirement. But if you’re newly single, it’s worth revisiting your goals. Think beyond finances: Where will you live? How will you stay connected socially? What kind of health care support might you need?

Longevity is another factor. If you’re healthy and expect a long retirement, your investment strategy may need to lean more toward growth than preservation. Stocks can potentially help offset the risk of outliving your savings, even if they carry short-term volatility.

2. Are my savings on track?

Singles often feel less confident about retirement readiness than married couples for good reason. Living expenses don’t shrink just because you’re on your own. A solid savings plan is essential.

Start by reviewing your retirement projections. If you’re on track, keep monitoring and adjusting as life changes. If not, consider increasing contributions to your 401(k) or IRA, especially if you’re eligible for catch-up contributions after age 50. Health savings accounts (HSAs) can also be valuable since medical costs often rise in retirement.

Don’t overlook an emergency fund. Singles should aim for enough cash to cover a year of expenses, minus guaranteed income like Social Security or pensions. In addition, keep three to five years of planned withdrawals in stable investments such as short-term bonds or cash equivalents. This buffer can help you avoid selling investments during market downturns.

3. When should I claim Social Security?

Timing matters. You can start benefits at 62, but that permanently reduces your monthly payout. Waiting until full retirement age (66 or 67, depending on your birth year) or even age 70 can significantly boost your benefit, up to 77% more than claiming early.

For singles in good health with adequate savings, delaying Social Security can be a smart move. It provides guaranteed, inflation-adjusted income for life, which is especially valuable if you live longer than expected.

If you’re divorced or widowed, explore additional options. For example, divorced individuals who were married at least 10 years may qualify for benefits based on an ex-spouse’s record. Surviving spouses may also be eligible for survivor benefits, which can be combined strategically with their own retirement benefits.

4. Have I planned enough for health care?

Health care is one of the biggest expenses in retirement. A recent analysis estimates that a 65-year-old woman needs about $226,000 (and men about $191,000) to cover health costs with 90% certainty. Long-term care is another concern because about 70% of people turning 65 will need it at some point, and singles are more likely to pay for care rather than rely on family.

Consider options like long-term care insurance, personal savings, or a mix of both. Buying coverage between ages 50 and 65 is often most cost-effective.

5. What are my emergency and estate plans?

Without a spouse, it’s critical to document your wishes. That includes naming powers of attorney for financial and medical decisions, designating beneficiaries on accounts, and drafting a will. If you don’t have family members to serve as executors or trustees, consider a trusted friend or professional.

Working with an estate attorney can help ensure nothing is overlooked. Clear planning now can potentially help you avoid complications later.

Retirement planning for singles requires extra attention to income, health care, and legal protections. By asking these five questions and acting on the answers, you can create a plan that supports your retirement goals.

This is intended for informational purposes only. You should not assume that any discussion or information contained in this document serves as the receipt of, or as a substitute for, personalized investment advice from Savant. Please consult your investment professional regarding your unique situation.