Many of my listeners have remarked about how I am always giving advice for married couples, they feel that some of my information may not be directed toward them. But what about those of you who are single? I have plenty of listeners that are single, widowed or divorced. Are you wondering what you need to consider to retire as a single person? On this episode, we will discuss special considerations for single people; the costs, networks, and networking as a single retiree. Retired singles, this episode is just for you! Listen to this episode to hear how to rock being single in retirement.Find out how to live #single, #retired, and #happy on episode 210 of #RetirementAnswerMan Click To Tweet
There may be some extra considerations that retired singles may not have thought of
Did you know that half of the women over 65 are likely to be single? Way more women than men are single in their retirement years. Being single in retirement is not a negative and there is so much freedom to be enjoyed. But being single means there is more pressure on you to build your resources to support yourself during retirement. Just because you are single doesn’t mean that your cost of living is half as much as a married couple. There are many things to consider as a single retiree such as life insurance, long-term care, and medical decisions. Listen to this episode to hear all of the considerations that you may not have thought of as a single retiree.
What kind of network do you have in place to help you?
Being single is great for the freedom to drop everything and fly off to Rome at a moment’s notice, but what about the dog? As a single retiree, it is even more important to have a strong network to support you. Whether it’s a handyman, a driver, a pet sitter, or just an ear to talk to, you will need to have a support system in place as you get older. Having a network of friends and confidants can help you make difficult decisions and support you during challenging times. Listen to this episode to hear how to build your support network to help you in your golden years.What kind of network do you have in place to help you in your #retirement? Listen to episode 210 of #RetirementAnswerMan to hear what #singles need to lead a #happy #retirement Click To Tweet
How to rock being at being retired and single
You can rock being a retired single person, but it takes planning. You will need to be extra diligent when planning your income streams to ensure that you have a consistent cash flow to sustain you throughout your retirement years. Without a spouse, you will need to have an emergency plan and trusted proxy in place for whatever emergency may arise. You won’t have the need for life insurance but you may need to consider long-term care insurance. Long-term care can be an important consideration for single retirees. Listen to this episode to hear how to plan your retirement well so that you can rock being a single retiree.
How do you find a financial advisor?
During the Practical Planning segment, a listener asks how to find a financial advisor. This can be tricky since financial advisors like myself cannot ask for testimonials from clients. Many people choose their advisors through a referral from a friend. This is a great way to find someone, but you need to make sure to use due diligence. When choosing a financial advisor it is important to be armed with the right questions. You can get the Retirement Answer Man advisor interview worksheet in the Learning Center. These questions will give you a framework to find someone to serve you the way that you need. One benefit of living in the modern age is that you have a huge selection. You can hire someone anywhere in the country and meet with them virtually. Listen to the Practical Planning segment to hear more fantastic advice on how to find a financial advisor that best suits your needs.How do you find a #FinancialAdvisor? Listen to the Practical Planning segment of this episode of #RetirementAnswerMan to hear how Click To Tweet
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
- [0:22] What are some considerations to being single and retired?
- [1:34] Are you single and interested in becoming the next case study for Retirement Plan Live?
HOT TOPIC SEGMENT
- [4:10] How to rock being single in retirement
- [5:58] What are some considerations if you are thinking of retiring single?
- [13:48] Who is your network?
PRACTICAL PLANNING SEGMENT
- [17:13] How do you find an advisor?
- [21:55] A cash flow bucket question
- [25:05] When are we going to discuss healthcare before Medicare?
THE HAPPY LAB SEGMENT
- [27:26] Learn to be happy without someone else – Own your happiness
TODAY’S SMART SPRINT SEGMENT
- [28:42] Are you owning your own happiness?
Resources Mentioned In This Episode
Episode #204 – Is Your Financial Advisor Worth the Cost?
BOOK – Rock Retirement by Roger Whitney
3-video Series: 5 Minute Retirement Makeover
Roger’s Retirement Learning Center
The Retirement Answer Man Facebook Page
Intro music by bensound.com
TWEETS YOU CAN USE TO SPREAD THE WORDLearn how to rock being #retired and #single on this episode of #RetirementAnswerMan Click To Tweet