What to Think About if You're Retiring Single

Andrew Weber is senior director of Planning Philosophy, Research and Guidance at Northwestern Mutual.

When it comes to retirement planning, much of the advice out there is tailored to couples: opinions about whether you and your spouse should stagger retirement, strategies for maximizing both of your Social Security benefits, etc. But what if you’re retiring single?

The truth is, if you are retiring as an individual, the factors to consider are different than if you are retiring as one part of a couple. Whether you’re widowed, never married, romantically involved but legally and financially unattached, or any other form of “single”—here are the ways that retirement may be different for you.

How should you plan financially if you're retiring single?

As you prepare for solo retirement, it’s important to think about how your financial plan can support your retirement goals and the lifestyle you want. While that includes retirement savings in your 401(k), IRA, or other types of retirement accounts, it also includes nonretirement assets like your home, brokerage accounts, and more. Wherever your investments are held, most people should prioritize a well-diversified portfolio that is tailored to their personal risk tolerance and investment horizon.

Although people tend to believe that they no longer need life insurance once they’ve reached retirement age, you should consider how life insurance may benefit you during retirement. After all, in addition to providing a death benefit to loved ones after you pass, many plans also accumulate cash value that can be tapped when you need liquidity¹—for example, during down markets when you may not want to lock losses in by making withdrawals from your investment accounts.

A key consideration for retiring solo is that you'll be relying on a single retirement income stream. Unlike married couples, there isn't a second Social Security benefit, pension, or portfolio to help absorb unexpected expenses, market volatility, or a longer than expected retirement. That makes it especially important to build a sustainable income strategy and maintain flexibility in your overall financial plan.

Options to consider may include annuities and fixed income investments, which are capable of generating income.

Those challenges aside, your financial plan can also benefit by retiring single instead of married. For starters, you only need to worry about saving enough money to support yourself, potentially cutting your required nest egg in half (although it is still important to plan for inflation and rising costs). You also have full say over not only your retirement strategy—how much you save and how you invest it—but also how you eventually spend down your savings once you stop working.

Think about how you’ll handle healthcare decisions and costs

It’s an unfortunate reality that aging tends to bring with it several health concerns that typically hit during retirement. Without a spouse to make healthcare decisions for you if you become incapacitated or otherwise unable to communicate your wishes, it’s important that you have established a living will, healthcare power of attorney, or other advance directive to guide your care. This includes HIPAA authorization to access your private medical information if needed.

How will you pay for long-term care?

You should also have a plan in place for long-term care, should you eventually need it. According to the U.S. Department of the Treasury, it’s estimated that roughly 56 percent of all Americans turning 65 today will need long-term care at some point during their retirement. Another study, by the Department of Health and Human Services, found that the average length of long-term care was 2.5 years for men and 3.6 years for women—and that roughly one in five adults would need long-term care for more than five years.

The cost of this care can be significant, and it’s important that you have an idea for how you will pay for it if it becomes necessary—whether via your savings, long-term care insurance, or some other option.

Are there friends and family you can rely on?

Alongside whether you can pay for long-term care, a key factor when retiring single is your network of support. Having someone or a group of people you can depend on to take you to doctor’s visits, go grocery shopping, or help mow the lawn as you become less able can make a big difference in your long-term care plans.

Opportunities to socialize may also be top of mind as you consider where you want to retire. Being closer to friends and family or around other retirees are common goals for both couples and singles.

Can your home support you as you age?

If you plan on aging in place at your current home, it can be a good idea to consider the costs of home care services and what healthcare resources you have locally.

You may also need to undertake various improvements to help make your home more accessible, reduce fall hazards, increase lighting, and more. Common upgrades can include:

• Bathroom remodels: Installing a walk-in shower, raised toilets, arthritis-friendly faucets, or no-slip flooring
• Kitchen remodels: To lower countertops, swap appliances, or install pull-down shelves
• General accessibility: Installing ramps or stairlifts, widening doorways, and swapping round doorknobs for handles
• Fall prevention: Installing grab bars and handrails throughout the home

Here again, you should decide if your retirement savings can accommodate these additional expenses, or if it may be more cost effective to move into a different home or retirement community when the time comes.

Think about the legacy you want to leave and who will fulfill your wishes

The basics of estate planning hold true whether you’re retiring married or single, although bear in mind that spouses receive several favorable tax treatments that other family members and unmarried partners do not, including the unlimited marital deduction for federal estate tax purposes.

To ensure that your wishes are carried out upon your death, at a minimum you should have:

• A will outlining who should receive your assets upon your death, whether your children (if you have any) or other loved ones such as nieces, nephews, grandchildren, etc.
• A financial power of attorney to handle your finances if you become incapacitated and unable to handle them yourself.

Depending on your financial situation and the goals you have for your assets after your death, you may also decide to establish and fund one or multiple different types of trusts with your assets. These may include:

• Generation-skipping trusts, used to leave money to grandchildren instead of your children (if you have them).
• Dynasty trusts, used to pass assets down to multiple generations.
• Spendthrift trusts, which release assets according to a schedule you set (or upon certain milestones) instead of all at once.
• Special-needs trusts, which allow you to leave assets to a loved one with special needs without compromising their ability to qualify for government benefits.

If you were married in the past but have since become divorced or widowed, it’s also important that you update your beneficiaries on any account that may have named your previous spouse.

The beneficiaries on your retirement accounts, bank accounts, and life insurance policies may override your wills and trusts. So make sure these still reflect your wishes.

What if you want your legacy to support a charitable cause?

If you don’t have children, grandchildren, or other close relatives to leave your assets to, you may find that charitable giving can help you put your hard-earned savings to good use. And because there are several ways you can leave your estate to charity—in part or in full—it’s easy to find an option that gives you the flexibility you need as you enter retirement.

Some options include these:

• Making a charitable bequest in your trust or will to be disbursed after your death
• Naming a charity as a beneficiary on a retirement account like your IRA or 401(k)
• Establishing a donor-advised fund built to donate to the charities of your wishes
• Setting up a charitable remainder trust (CRT) or charitable lead trust (CLT) to leave some or all your estate to charity after your death
• Establishing a private foundation (and funding it with your estate) to manage your charitable giving strategy even after your death

If you have one, it’s also possibleto donate your life insurance policy to charity. If you make the charity the beneficiary of your policy, you retain ownership rights over the policy, including the option to withdraw cash value or make changes. If you make the charity the beneficiary and owner, you relinquish these ownership rights—but may be entitled to tax benefits while you’re alive.

Put yourself in a position to thrive in retirement

As with most financial goals, the sooner you start planning for your retirement, the better—whether you’re retiring as a part of a couple or on your own. Getting your ducks in a row early gives you more clarity about what your retirement might eventually look like and can help you determine if there are steps you can take (like boosting your savings rate or working a few more years) to improve the quality of your golden years.

Your Northwestern Mutual financial advisor can help you evaluate the challenges—and opportunities—that retiring single affords you. They can also meet you where you are and prepare you for the retirement that you want and deserve.

Frequently Asked Questions

What are the drawbacks of retiring solo?

Retiring solo can bring unique financial and personal challenges. Unlike couples, single retirees typically rely on one income source, one pool of savings, and one Social Security benefit. That can leave less room for error if unexpected expenses arise, such as healthcare costs, long-term care needs, or a market downturn.

There are also practical considerations. Without a spouse to help manage finances, make healthcare decisions or provide day-to-day support, it’s important to have legal documents in place, such as powers of attorney and advance healthcare directives. Finally, some people experience loneliness in retirement, making it especially important to maintain strong social connections through family, friends, volunteer work, hobbies, or community organizations.

What is a good retirement income for a single person?

A good retirement income depends on your lifestyle, spending habits, health needs, and retirement goals. Rather than aiming for a specific dollar amount, many financial professionals recommend targeting enough income to replace a significant portion of your pre-retirement earnings while covering essential expenses such as housing, healthcare, food, and transportation.

For single retirees, creating a sustainable income strategy is particularly important because there isn’t a second income source to help offset expenses. Your retirement income may come from a combination of Social Security, retirement accounts, investment income, annuities, and other assets. Your financial advisor can help you determine how much income you’ll need and whether your savings are on track to support your desired lifestyle.

How can I survive retirement alone?

Thriving in retirement alone starts with planning for both your financial and personal well-being. Financially, that means building a retirement income plan, maintaining an emergency fund, planning for potential long-term care needs, and reviewing your estate documents regularly.

Just as important is creating a fulfilling lifestyle. Staying socially connected, pursuing hobbies, volunteering, traveling, or participating in local groups can help provide purpose and reduce feelings of isolation. If you plan to age in place, consider whether your home will continue to meet your needs and what support systems will be available as you get older. With thoughtful preparation, retiring single can offer significant independence, flexibility, and opportunities to design a retirement that reflects your own priorities.