Single Retirement Tips: How to Prepare for a Solo Old Age

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Time retirement steps at each ageWhen it comes to the problems that arise in old age, married retirees can usually rely on their spouses for support. But for singles, handling the golden years can be more problematic.

Last week, we got advice from the experts on how to prepare in "On Your Own: How to Manage the Finances of Single Retirement."

Here's a rundown of what they suggested:

If you're single and in your fifties...

  • As you get older, health care decisions will become a bigger priority -- and having someone to speak for you in an emergency will become vital. If you're facing old age without a partner, it's a good idea to find someone you trust to take responsibility for your medical power of attorney.
  • Living alone can be the pits. Think about finding roommates to share the expenses and provide companionship.
If you're single and in your forties...
  • Chances are that you're going to need some form of long-term care as you get older. Get long-term care insurance now to help with bills later.
  • Financially speaking, it's better to divorce earlier than later. And while you're married, you should stay conversant with all the details of your household income and expenses. Know where your money is ... and what it's doing for you.
If you're single and in your thirties...
  • If it looks like marriage won't be in the cards for you, start building equity now. Real estate can be a good investment ... and may give you money to tap into later.
  • Just because you don't have to pay for child care, tuition and other childcare-related costs doesn't mean that you should spend your whole paycheck. Save early to ensure your security later!

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ha6ai

I am so sick of the preposterous oompous arrogant doofus photo of Obama, above. HuffPuff is a disgusting Obama-propagandist.

July 03 2012 at 3:47 AM Report abuse rate up rate down Reply
Gumby

SOLO PEOPLE ARE OFTEN VICTIMS OF "WITCH HUNTS:" READ BELOW !!

June 30 2012 at 3:35 PM Report abuse rate up rate down Reply
Gumby

Generally , witch hunts involves use of fumes (pointed in concealment, sleep deprivation, material sabatoge, psychological intimidiations, food contamination, many other methosds that are shared through grapevine networking). Constant attempts to drive solo people mad or upset enough to warrant arrest by police and be ridden of. Solo people are usually associated with suspected activities like pedophiles or cirminals . Do solo people have rights to peace ?? Yes but is it enforceable?? Not!

June 30 2012 at 3:33 PM Report abuse rate up rate down Reply
Gumby

Solo people are often victims of "witch hunts" meaning clandestine harassments by neighbors, workers, even acquaintances.. What I mean by "witch hunts" is something solo peole experience first hand and it is impossible to describe what it is like... Police are not equipped to handle "witch hunts" ... I think police should learn more about how "witch hunts " work.. it is cruel and inhumane!!

June 30 2012 at 3:24 PM Report abuse rate up rate down Reply
Gumby

maybe solo people can pretend to be friends to other solo people so to maintain harmony with all other people!! Govenrment need to start programs to assist solo people getting together soley for the puposes of mutual support. The rich will start complaining about big government!!! You see what I am saying??

June 30 2012 at 3:20 PM Report abuse rate up rate down Reply
Gumby

Many people get lonely because of choice or helplessness. Some people do choose to go solo.. Hollywood can make movies about solo people with only one movie star going about businesss as usual... He may be short, ugly, mealymouthed or retarded and he can make millons as a movie star.. Who would want to watch such movies... We watched "Charly" and it was popular! Solo lifes is fascinating!! and boring too

June 30 2012 at 3:16 PM Report abuse rate up rate down Reply
Gumby

My advice back to the boneheaded expert..... Solo or loneliness is a race!!! Are you lonely or wildy popular!! Check the box!

June 30 2012 at 3:14 PM Report abuse rate up rate down Reply
Gumby

Those boneheaded experts are the types of people who think that big government can be replaced with food can donation campaigns...

June 30 2012 at 3:13 PM Report abuse rate up rate down Reply
Gumby

"it's a good idea to find someone you trust to take responsibility for your medical power of attorney"
good advice but eerilyand nearly impossible to do it ....!!! You are solo and aged because everyone reject you! YOu are persona non grata! Who cares about you?? Cant the expert who write this article see that?? boneheaded experts!!

June 30 2012 at 3:12 PM Report abuse rate up rate down Reply
Shelby

I agree with nad22551. I can read a book all night all if I want to. stay in my p.js all day, or I can eat my dinner at 4:00 PM. One of the things I really like about living alone is that when I am out shopping and decide to stop for dinner or go to a movie, I don't have to check in with anyone. I realize this this could have a reverse side also, but I do prefer living alone.

June 29 2012 at 5:54 PM Report abuse +1 rate up rate down Reply