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Retiring Single? What You Need to Know

By Robert Lear posted 06-12-2020 12:10 PM

  

It might not have been your plan, or it could have been your choice. Either way, you’re approaching your retirement as a single person. You’re not alone. Given rising divorce rates, there are more single retirees than ever before.

Retiring single has financial implications since you don’t have a spouse or partner with whom you can pool your resources. However, that doesn’t mean that you can’t have a fulfilling, secure retirement. There are just a few extra things you need to take into consideration:

Get advice

Too many retirees, single or not, make the mistake of managing their retirement investments on their own. With so many more options on the market, some highly lucrative, it would be unwise to take this approach. 

People from generations ago might have taken this approach because their options for investment were limited. Today, there are many financial tools at your disposal that can help you grow your nest egg substantially. Conversely, there are also a lot of charlatans out there, whose sole aim is to part you from your money.

You need a reliable financial advisor and planner to help put a plan together to fund your retirement. Ask friends and family to refer you to someone you can trust.

Protect your health

Effective healthcare planning is essential for you to protect your retirement savings from being consumed by hefty medical bills. Don’t assume that your Medicare will cover all your needs. There are copayments you will become responsible for, and they pile up drastically if you have health issues.

By utilizing a Mutual of Omaha Medicare supplement plan, you can rest assured that medical bills will be less of a problem, according to Bill Noga of MediSupps.com, a renowned expert on Medicare supplement plans. Mutual of Omaha’s products offer maximum benefits, while premiums are kept to a minimum.

Develop a good working relationship with your doctor to get the assistance you need in an emergency. The personal touch of being cared for by someone that you know and trust will make treatment easier.

Get support

You cannot manage everything on your own, and there will come a time when you need help. Instead of waiting until you don’t have a choice, rather create a build a support network of friends, relatives, and neighbors that you can rely on in a pinch. 

Keeping your garden and house tidy and maintained can become overwhelming as you get older as your body just won’t manage all the tasks that it used to. It might be necessary to hire someone to lend a hand. Again, don’t wait until you’re desperate. Find someone recommended to you by people you trust and build a working relationship with them.

Retirement is about more than survival. It’s also about enjoying the fruits of your labor. With a like-minded set of single friends, plan trips or outings together. You’ll be able to create many happy retirement memories together.

Be prepared

Without a spouse or partner who knows where all your essential documents are, you’ll need to entrust someone close to you with this knowledge. This type of paperwork includes your will, living will, documents proving asset ownership, and statements of bank and investment accounts.

Keep these documents together in a safe or a secure place in your home. Tell your trusted confidant where everything is so that they can access it if there is an emergency. This is especially critical when it comes to letting someone make medical decisions on your behalf when you are unable to do so. Make sure you express your wishes to that person verbally as well as in writing.

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