You could be excused for thinking that there were no single retirees. Nearly all of the promotional material for retirement products shows attractive, happy couples having a good time on cruise ships, beaches and in restaurants. Not a single in sight!
Well, currently there are over 1.3 million single retirees in Australia and the numbers are growing fast. However, it’s hard to paint a picture of a typical single retiree because one size does definitely NOT fit all. There are singles who are divorced, never married, widows and widowers and there are differences between single men and women. It’s complicated.
The financial restraints on singles are pretty well known. It’s harder to save for retirement on a single salary, single women often spend years out of the workforce raising children or as carers for parents, it’s more expensive to live and travel alone.
On the positive side, if you are single, you’ve only got yourself to consider when making life choices. There’s no pressure to compromise on what you want to do and where you want to go.
The transition from full time work to some form of retirement is difficult for a lot of people and it can be even harder for singles as there’s no one special to come home to. It becomes even more important for single retirees to keep involved in their local community and to work at staying socially connected. Joining likeminded groups and being involved in projects you believe in is good for the community and your physical and mental health.
Our book titled “How to be happy, retired and single” contains lots of useful information from over 20 leading experts. It’s available on this website at https://retirementbooks.com.au/shop/ebook/how-to-be-happy-retired-and-single-ebook/
In this book we give the following 8 important steps for singles thinking about their retirement –
* Know what you want to do with your retirement years. 20+ years is a long time to fill in if you don’t know what you want to do with them
* Have some purpose in your life. What are you passionate about? What will get you up in the mornings?
* Start planning for your retirement as early as possible Think about both the financial and lifestyle issues
* Build and sustain wealth. You may need some financial advice
* Focus on social and emotional wellbeing. Be active in your community and avoid becoming isolated.
* Consider changes in housing needs and the most beneficial set up. Is shared housing an option for you?
* Set up (and stick with) a realistic budget. Try to save a little each week
* Have a comprehensive good health strategy. Your good health is critical to your financial security.
Retirement is different for singles
