Planning for a solo retirement is more important than ever, with over a quarter of individuals over 60 living on their own. This number increases significantly for women as they age, whether it’s by choice or due to unforeseen circumstances such as divorce or the loss of a partner. Solo retirement presents a unique set of questions and considerations.
How Will You Remain Socially Connected?
Social connections and a robust support network are crucial for a fulfilling retirement, especially when navigating this journey alone. Loneliness and isolation can have significant impacts on both mental and physical health. Therefore, it’s essential to proactively seek out social engagement and build a community that supports you. Consider the following strategies:
- Join clubs or groups that align with your interests, such as book clubs, gardening groups, or exercise classes.
- Volunteer for causes you’re passionate about, offering a sense of purpose and the opportunity to meet like-minded individuals.
- Stay engaged digitally through social media and video calls to keep in touch with friends and family, especially those who might not be nearby.
Are You Retiring in the “Right Place?”
The “right place” is not just about affordability or scenic beauty; it’s also about the support structures available, accessibility to healthcare, and opportunities for social interaction. Some of the factors to consider include: community services such as recreation and public transportation; safe and walkable neighborhoods; and proximity to friends and family.
Who Will Care for You?
While it may be uncomfortable to think about, planning financially and emotionally for potential health care needs is critical. Anticipating who will assist you in case of health issues, and understanding the resources available can provide peace of mind.
Your Wealth Advisor can help you to be prepared when it comes to issues such as establishing emergency funds or adding protections such as long-term care insurance into your plan. We can also make introductions to vetted professionals to prepare health directives and living wills, and as a team, advocate that your wishes are known and respected.
Embracing A Solo Lifestyle
Living solo is an opportunity to craft a life that truly reflects your interests, values, and desires. It encourages self-reliance and resilience. Embracing this lifestyle with preparation and positivity can lead to richly rewarding experiences. It offers you the freedom to pursue passions without compromise, including learning new skills, traveling, and making important investments in your emotional and physical well-being.
Solo retirement is not just about facing challenges; it’s about seizing opportunities to live a life filled with joy, purpose, and community. We address these important questions when creating a tax-efficient retirement plan for your individual situation.
At Biondo Investment Advisors, we strive to make every client feel like they are not alone on their financial journey and to ensure a retirement that is not only secure but also vibrant and fulfilling.
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