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4 Tips for Women Preparing for Single Retirement

For single women, preparing for retirement without a partner to share the financial responsibility can be a planning challenge. It becomes even more important to face retirement head-on. Careful planning and preparedness are key components of securing financial stability and independence.


Here are five tips women can use to plan and prepare for a peaceful, financially sound retirement.

1: Have a Plan

A 2020 study found that around 51% of unmarried women have not saved for retirement. By comparison, that number drops to 24% for married women.1 The problem is, it’s likely you’ll be spending 10, 20 , 30+ years in retirement, so having substantial savings is instrumental. The Department of Labor recommends that retirees prepare to live on 70% to 90% of their pre-retirement income in order to maintain their usual standard of living.

If you’re living on a single income, saving for retirement may be extra challenging. Developing a plan with the plenty of time to prepare can help improve your retirement savings.

2: Prepare For Long-Term Care

Someone that is turning 65 today will have almost a 70% chance of needing some type of long-term care services and support in the coming years. 2

With that being said, it may be beneficial to consider a long-term care insurance policy to help cover such costs. Even if you have family or friends who can help, long-term sickness or injury may require care beyond what your family can physically and financially help with. How will you be cared for and who will pay for the care? Assisted living and long-term assistance can be incredibly expensive.

3: Consider Delaying Social Security Benefits

Almost 55% of the people receiving Social Security benefits are women.3 It provides an inflation-protected benefit that will last as long as you live. When it comes to drawing from Social Security, it is advisable to delay this for as long as you can, which is up until age 70.

If you can delay until that age, your income will increase significantly each year. Even though your Social Security benefits become accessible at 62, your full retirement benefits will only be available once you reach your full retirement age, which is determined by your birth date. Any benefits that are received before reaching your full retirement age are reduced by a percentage, which is also determined by birth date. This ranges between 25% and 30%.4

According to the Social Security Administration, the reduction in benefits is typically permanent. If you were to access your benefits at 62, the percentage removed would remain even after you have reached your full retirement age. 5

However, if you were to wait longer than the full retirement age to access your benefits, you can receive a retirement credit, which is a percentage based on how long you waited, up to the age of 70.6.

4: Build a Network of Friends and Acquaintances

You may find yourself bored or lonely once you retire. Establishing friendships and acquaintances is a great way to find new activities. Building a community keeps you active and connected, which helps ease the post-retirement blues. Studies have shown the strong friendships can actually improve your health and prolong your life.6

Some ways to build new friends include:

  • Attending local events
  • Starting a new hobby or interest
  • Volunteering
  • Joining a walking or exercising group

Retirement planning can be difficult enough as it is, but it can be harder for single women. With the right planning, however, you can create a stronger future for yourself. Give us a call and get the right team behind you to start planning today.

Read More:

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You Don’t Need To Skip Your Starbucks: Is Excessive Frugality the Key to Reaching Retirement?

Three Steps to Financial Wellness: Maintaining Money Health









This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.