Aging Solo? Check Out Our Guide Below to a Happy Single Retirement
Planning for retirement can be complicated for any working adult. For those without a partner or children, the lack of a family support system can often pose additional challenges.
As a solo ager, it’s important to be organized and practical about the years ahead, while creating a safe and rewarding aging experience. And that takes some extra planning.
No spouse? No children? No problem!
If you’re single, childless and approaching retirement age, here are some tips to help you prepare:
- Get a financial check-up. As an unmarried taxpayer, you automatically miss out on some federal tax advantages. Work with a financial advisor to assess your savings goals, risk tolerance and retirement timeline, as well as how much savings you’ll need to live off of one retirement income. By ensuring you’re on track now, you can retire more freely later on.
- Think about insurance. What types of insurance are most important to a single person? Considering that an estimated 47% of men and 58% of women age 65 and older will need some type of long-term care in their lifetime, long-term care coverage might top your list. Disability insurance can also help you play it safe as a solo ager. If you become disabled during the end of your working years, you could be left with no means to support yourself.
- Strengthen your social circle. As we age, our friend groups tend to get smaller. But when you’re single especially, maintaining these relationships is key to your health and well-being. Retirement can be scarier and lonelier when you don’t have a built-in partner to lean on. And once you leave the workforce, you’ll miss out on the socialization opportunities that a workplace affords. Be sure to keep your social calendar filled with regular coffee dates, Zoom catch-ups or friendly walks in the park.
- Create a care team. When you can’t make decisions for yourself, you need a trusted person or team to carry out your wishes. Legal, health and financial directives, such as powers of attorney and health care proxies, are areas that require advocates. If you don’t have a friend or relative to take on the responsibility, your accountant or lawyer might be good options.
- Explore different housing possibilities. Where do you see yourself living? While climate and weather are often selling points for relocating in retirement, many experts agree that those factors should take a back seat to the importance of community. Focus on a location where you feel connected and where there are people who can support you in your daily life.
When you only have yourself to rely on, rely on a reverse mortgage
If you’re 62 or older and already have equity in your current home, a reverse mortgage can help you age in place, afford a caregiver, pay for your bucket list vacation, manage debt or simply provide funds to supplement your retirement income.
This type of loan allows you to leverage the equity in your home, while living in it and retaining ownership. Funds are available as a lump sum, monthly payments or a line of credit that’s there when you need it.* With a reverse mortgage, there are no monthly payments. You pay as little or as much as you want, when you want. And because it’s a non-recourse loan, you won’t owe more than your property is worth when the loan is repaid.
As with any mortgage, there are loan obligations that must be met by the borrower, including keeping current with property taxes, insurance and maintenance, as well as residing in the home as your primary residence.
Creating a sound financial future on your own
You don’t need a spouse or kids to live a comfortable, happy retirement — but you do need adequate funds. A reverse mortgage loan from Reverse Mortgage Funding, LLC (RMF) can help. Call RMF today at (888) 277-1567 and schedule a convenient, in-person appointment with a loan specialist in your area.
This content is sponsored by RMF, one of the nation’s leading reverse mortgage lenders. We are dedicated to helping older Americans retire more freely, in the comfort of their own homes. As a result of our commitment to providing an extraordinary and positive customer experience, we have earned a 98% customer satisfaction rating; a 4.7-star / Excellent score on Trustpilot; 4.8 out of 5 stars on LendingTree; and an A+ rating with the Better Business Bureau. Call 888-277-1567 to speak with a licensed reverse mortgage specialist to learn about our retirement financing products and solutions.**
*Borrowers who elect a fixed rate loan will receive a single disbursement lump sum payment. Other payment options are available only for adjustable rate mortgages.
** Not financial or legal advice. Consult with a financial and/or legal advisor
SEE WHAT FUNDS YOU MAY HAVE AVAILABLE
If you have equity in your home and believe you meet the eligibility requirements, a HECM may be the option that could help you retire smart.