Retiring Single: 18 Valuable Tips You Need To Know | Wildchildretire

Living the good life, getting ready to retire single, and you want to make sure it goes well?

Here we’ll show you 18 helpful tips to ensure you have a retirement full of great financial decisions and purpose.

So if you want to know what wealth management apps to use, what size home you should live in, or how to find your passion, check out the helpful read below.

Let’s get to it.

18 Useful Tips That Will Help You Retire Solo

Retiring single can be overwhelming, but it doesn’t have to be.

These 18 tips below will make the transition to retirement much more manageable.

Enjoy!

1. Get A Wealth Management App (Preferably Free)

If you’re like most people, the thought of retirement planning makes you break into a cold sweat. After all, saving for retirement is no easy feat – especially if you’re going alone.

But don’t panic! With some help from technology, you can quickly get your finances in order and plan for a comfortable retirement. And the best part is, you don’t have to spend a fortune to do it.

One of the most valuable tools at your disposal is a wealth management app. These apps help you track your income, expenses, and investments to see precisely where your money is going. They also provide valuable insights that can help you make better financial decisions.

Personal Capital is one of the most popular wealth management apps on the market. It’s free to use and provides a comprehensive financial picture for single people looking to retire comfortably.

A wealth management app is essential if you’re serious about retirement planning (and maybe achieving financial independence). With Personal Capital, you can easily take control of your finances and set yourself up for a bright future.

2. Talk To Certified Financial Planner for Retirement Planning

Many people don’t think about their financial future until it’s too late. But, if you’re in your 20s or 30s, now is the time to start thinking about retirement. And if you’re already retired, it’s never too late to organize personal finances and start planning for a more secure future.

One of the best ways to plan for retirement is to sit down with a certified financial planner. A financial planner can help you figure out how much money you’ll need to retire comfortably and offer advice on getting there.

There are a few things to keep in mind when meeting with a financial planner. First, be honest about your finances. The more information your planner has, the better it can help you.

Second, don’t be afraid to ask questions. This is your future we’re talking about, so you want to make sure you understand everything.

Finally, be prepared to follow through with the plan. A financial planner can help you map out a path to a successful retirement, but it’s up to you to stay on that path.

If you’re serious about planning for retirement, sit down with a certified financial planner today. It could be the best decision you ever make.

3. Invest (And reinvest, and again, and again)

We get it. You’re single. You don’t have anyone to help you save for retirement or give you financial advice. You’re on your own, which can be scary when it comes to your future. But there’s one thing you need to remember: continuing to invest is essential in having a successful retirement if you’re single.

Here’s why it’s a good idea to keep investing, even when you’re flying solo:

1. Allows you to take advantage of compounding returns.
2. You can continue to invest even if you have a low income.
3. It helps you build a retirement nest egg.
4. You can use a mobile app like Robinhood to invest in the stock market.
5. You have a greater chance of achieving your investors goal.

So if you’re single and looking to retire successfully, remember to keep investing! It could make all the difference down the line.

4. Figure Out Where You’re Going To Live

This is one of the most important decisions you’ll make when you retire is where you’re going to live. This decision can be even more crucial for single people since you may not have family nearby to help out if needed. However, there are a few things to consider when deciding on your retirement living arrangements.

Cost of living is an important consideration, especially if you’re on a fixed income. You’ll want to find a place where your money will go further, and many retirement communities offer affordable options.

Climate is another factor to consider, especially if you have health concerns. If you have arthritis, for instance, you’ll want to avoid living in a place with a lot of cold weather.

Amenities are also important to think about when choosing a retirement community. For example, do you want to be close to shopping and entertainment, or would you prefer a more rural setting? Closer to town option might be better for you if you are looking for more ways to enjoy retirement.

Proximity to family and friends is another consideration. You may want to be close to them for support, or you may prefer to be farther away to have more of your own space.

There is no right or wrong answer when deciding on your retirement living arrangements. It’s essential to take the time to consider all of your options and make the decision that’s best for you.

5. Purchase A Home That Fits Your Living Size

It is essential to purchase a home that fits your living size to have a successful retirement as a single person.

Small homes are easier to maintain and are more affordable. In addition, small homes allow living closer to amenities such as stores, restaurants, and parks.

Another reason to purchase a small home is that you will have less housework and yard work. This will give you more time to enjoy your retirement.

Finally, a small home will be easier to sell when you are ready to downsize or move to another location.

When purchasing a home, it is essential to consider your future needs. For example, if you plan on traveling or spending time with family, a small home may not be the best option. However, if you want to stay in one place and have a low-maintenance lifestyle, a small home is a great choice. Whatever you decide, make sure the home you purchase fits your current and future needs.

6. Get Your Routine Checkups

It is crucial to get routine checkups, especially as we get older. By staying on top of our health, we can prevent serious problems from developing or becoming worse.

Some examples of why routine checkups are a good idea include:

• Detecting health problems early, when they are more likely to be treatable
• Identifying risk factors for certain diseases
• Monitoring the effects of medications

If you’re single, it is especially important to get routine checkups. You do not have a partner who can help take care of you if your health declines. By staying healthy, you can enjoy your retirement years to the fullest!

7. Define Long Term Health Plan

A long-term health plan is essential for having a successful retirement as a single person. There are several reasons why this is the case:

First, without a long-term health plan, you may find yourself without the coverage you need when you need it most. Health care costs continue to rise, and if you don’t have a plan in place, you could find yourself overwhelmed financially.

Second, a long-term health plan can give you peace of mind in retirement. Knowing that you have the coverage you need will allow you to relax and enjoy your retirement years.

Finally, a long-term health plan can help you stay healthy in retirement. With the right coverage, you’ll have access to the care you need to stay active and healthy.

There are many different types of long-term health plans available, so it’s essential to do your research to find the right one for you. But if you’re looking for a way to secure your financial future and maintain your health in retirement, a long-term health plan is a great option.

8. Get A Daily Schedule

It is essential to have a daily schedule when retired and living alone. There are several reasons for this:

First, it helps give everyday structure and purpose. When you know what you need to do and when to do it, you are less likely to waste time or feel aimless.

Second, a daily schedule can help you stay healthy in retirement. Exercise, for instance, is vital for maintaining strength, flexibility, and balance. If you plan to exercise at the same time every day, it will be easier to stick to your routine.

Third, a daily schedule can help you save money. If you know what you need to do each day, you can avoid making impulse purchases or wasting money on unnecessary activities.

Finally, a daily schedule can help you stay connected to others. For example, if you plan to call a friend or go for coffee with a neighbor at the same time every week, you’ll be less likely to feel isolated in retirement.

The Infinity app can help you plan your days, weeks, months, and years in retirement. With Infinity, you can create a personalized schedule that includes all of your activities and commitments. You can also set reminders for yourself to never forget to stay on track.

Start using Infinity today to help you plan a successful retirement!

9. Schedule Time With Your Childhood Friends

When you retire as a single person, it would be an excellent idea for you to try to reconnect with the awesome friends you had as a child.

But why, you ask!?

Here are some reasons why this is a good idea:

1. You’ll have someone to talk to about all the things you’re experiencing.
2. You’ll be able to reminisce about old times and good memories.
3. You’ll have someone to support you during the tough times.
4. You’ll be able to stay connected with people who know you best.

So make sure to schedule some time with your childhood friends during your retirement!

It’ll make all the difference. 😊

10. Spend More Time With Family

It’s no secret that spending more time with family is a great way to enjoy retirement as a single person. After all, family is the built-in support network that can help with everything from day-to-day living to providing emotional and physical stability during tough times.

There are many reasons why spending more time with a family member is a good idea during retirement.

First, spending more time with family can help fill the void that is often left after retirement. For many people, retirement can be a time of isolation and loneliness. Spending more time with family can help to combat these feelings by providing companionship and social interaction.

Second, a family can provide structure and routine during retirement. For many people, retirement can be a time of uncertainty and change. Having a set routine and spending more time with family can help to provide a sense of stability during this time.

Third, the family can be a source of financial support during retirement. For many single folks, retirement can be a time of financial insecurity. Spending more time with family can help offset some of the costs associated with retirement, such as living expenses and healthcare costs.

Finally, spending more time with family can simply be enjoyable. Retirement can be a time to relax and enjoy the company of loved ones. Spending more time with family can help to make this transition period more enjoyable and rewarding.

So what are you waiting for?

Go hang out with the family!

11. Join A Social Group

When you retire, you may find that your social life changes. You might no longer have coworkers to chat with during lunch or after-work drinks with friends. You might not see your family as often as you used to. This can be a big adjustment, and it’s essential to find ways to stay social in retirement.

One great way to do this is to join a social group. There are groups for all kinds of interests, from book clubs to hiking clubs to knitting circles. Joining a social group can help you make new friends, get out and about, and stay active.

The best way to find social groups in your area is through the app Meetup.

Meetup is a website and app that connects people with similar interests. You can use it to find events near you or join groups that match your interests.

Joining a social group is a great way to enjoy your retirement and meet new friends. With Meetup, it’s easy to find the perfect group for you. So why not give it a try?

12. Think About Getting A Pet

As a single person, you may be wondering if getting a pet is a good idea. After all, pets can be a lot of work. They need to be fed, exercised, and taken care of when you’re away from home.

However, there are many benefits to having a pet, especially as you enter retirement.

Here are a few reasons why having a pet in retirement might be a good idea:

1. Pets provide companionship. If you’re living alone, a pet can help reduce feelings of loneliness and isolation. Dogs, in particular, need to be walked regularly, which allows you to get out of the house and meet new people.

2. Pets can help you stay active. Taking care of a pet requires daily exercise, which is essential for maintaining your health as you age. For example, walking your dog or playing with your cat can help you stay physically active and fit.

3. Pets give you a sense of purpose. Caring for a pet can provide a sense of purpose and responsibility in retirement. Having a pet to take care of can help you feel needed and loved.

If you’re considering getting a pet, do your research to find the right animal for your lifestyle and personality. Once you have a furry friend, you’ll quickly realize how much joy they can bring to your life.

13. Travel

It’s not just for young people anymore. Retirees are some of the most well-traveled people around. Why? Because they finally have the time to do it right. And if you’re single, you have even more freedom to travel when and where you want.

There are so many benefits to traveling in retirement. It’s a great way to stay active and social, learn new things, and see the world. And if you travel solo, you can do all of those things on your schedule.

Of course, traveling can also be expensive. But there are ways to save money on travel expenses, like planning and booking early. And many retirees find that the cost of travel is worth the experience.

So if you’re single and looking for ways to make the most of your retirement, consider traveling. It’s an enriching experience that you’ll never regret.

14. Plan Your Estates

Yes, not the sexiest part of retirement planning, but it’s critical to having a successful retirement if you’re doing it solo. Here are some examples of why estate planning is a good idea:

1. You can ensure that your assets are distributed the way you want them to be by planning your estates. If you don’t have a plan, your assets may be distributed according to the laws of your state, which may not be what you want.
2. You can minimize taxes on your estate. With proper planning, you can structure your affairs to minimize taxes.
3. It helps you provide for your loved ones in the event of your death. If you have young children, you may want to set up a trust fund to provide for their education or other needs.
4. Estate planning can help you protect your assets from creditors. If you are concerned about creditors’ claims against your estate, proper planning can help protect your assets.
5. It will also help you ensure that your wishes are carried out after your death. If you have specific wishes regarding your funeral or other matters, you can ensure that they are carried out by having a plan.

Estate planning is not something that you should do on your own. Instead, you should consult with an attorney or financial advisor to ensure that your plan is structured correctly and that all of your assets are protected.

15. Invest In An Alert System

It’s never too early to start planning for retirement, and if you’re single, that means making sure you have a solid plan in place in case of an emergency. One of the best ways to do this is to invest in an alert system.

An alert system can be a lifesaver if you hurt yourself and cannot get to a phone. With an alert system, you can push a button and have help on the way immediately. This is especially important if you live alone and don’t have someone close by regularly checking in on you.

Many different alert systems are available, so it’s essential to do your research to find the right one for you.

16. Decide What Age You Will Start Social Security Claiming

As a single person, you have to be extra careful about when you withdraw from social security. If you don’t plan carefully, you could have a much smaller retirement income than you need.

There are a few things to consider when deciding when to start withdrawals. First, think about how long you expect to live. If you have a family history of longevity, you may want to wait longer to start withdrawals to receive a larger monthly benefit for a more extended period.

Second, consider your other sources of income in retirement. For example, if you have a generous pension or additional retirement savings, you may be able to afford to start social security withdrawals earlier. On the other hand, if you don’t have much in retirement savings and have a hard time living within your means, you may need to wait until your full retirement age or even later to begin withdrawals.

Finally, think about your lifestyle in retirement. For example, if you plan to travel or otherwise have higher expenses, you may need to start withdrawals sooner to have enough money to cover your costs.

When you start social security withdrawals, be sure to plan carefully so that you don’t outlive your savings. With a bit of planning, you can ensure a comfortable retirement as a single person.

17. Secure Your Funeral Arrangements

It’s no secret that funeral costs can be expensive. And if you’re single, it’s even more important to make sure your funeral arrangements are in order. However, you can do a few things to ensure your final expenses are covered.

First, consider purchasing a life insurance policy. This will ensure that your loved ones have the financial resources to cover your funeral costs.

Second, make sure you have a will in place. This document will outline your final wishes, including how you want your funeral to be handled.

Lastly, keep your loved ones informed of your funeral wishes. This way, they can make sure everything is taken care of according to your wishes.

Making sure your funeral arrangements are in order is an important part of having a successful retirement as a single person. By taking these steps, you can rest assured that your final expenses will be covered and that your loved ones will be able to honor your wishes.

18. Discover Your Passion

Now on to the happier stuff. 😊

Last but not least, find your passion. A lot of people think that because they are no longer working, they can’t have a passion. This is not the truth! You can find a passion at any age, and it’s important to have one in retirement.

Your passion can be anything you want it to be. It can be something you’ve always loved or something new you want to try. It’s never too late to learn something new.

For me, my passion is blogging. I love writing and sharing my thoughts on different topics. In addition, it’s a great way to connect with people worldwide who share similar interests.

Blogging also gives me the chance to earn extra money in retirement. For example, I could monetize my blog through ads, affiliate links, digital products, etc. Or, I could offer consulting services to other bloggers who want to start their blogs.

If you are interested in creating your own profitable self-hosted website, I HIGHLY RECOMMEND Bluehost.

With Bluehost, all you need is $2.95 a month and your awesome ideas.

For just 10 cents a day, you could have the chance to make over $100,000 a month and live the retirement of your dreams!

So what are you waiting for?

Start a blog today and share all of that excellent advice and knowledge!

FAQ

How Do You Retire If You Are Single?

You can retire if you are single by working until you are old enough to collect Social Security, saving money in a retirement account or IRA, and taking advantage of government programs like the Pension Benefit Guaranty Corporation. You will need to make sure that you have enough money to cover your costs in retirement, which may include healthcare.

How Much Do You Need To Retire As A Single Person?

You need about $1 million to retire if you are single. A common rule of thumb assumes you’ll withdraw 4% of your savings per year. So if you have $1 million saved, you can withdraw $40,000 in the first year of retirement and expect that amount to cover your costs. But, of course, everyone’s situation is different, and you might need more or less than $1 million to cover your particular expenses.

What Do Single Retirees Do All Day?

Some single retirees spend their days golfing or traveling, while others stay busy volunteering or taking care of grandchildren. But, regardless of what they do, retired singles have the time to pursue their interests and enjoy life at a slower pace.

How Can I Enjoy Retirement Alone?

Retirement doesn’t have to be a lonely time. You can stay connected with friends and family through social media or travel to visit them. You can also join social clubs or groups with like-minded people. And there are plenty of opportunities to volunteer and give back to your community. So don’t worry. You can still enjoy a rich and fulfilling retirement, even if you’re on your own.

What Is The First Thing I Should Do When I Retire?

If you’re 40 or age 65, you should first relax and take it easy when you retire. Plan some fun activities to do in your free time and spend time with your family and friends. Then, once you have settled into retirement, you can start thinking about your finances and how to make the most of your money.

Summary

Congratulations on deciding to retire single!

It’s an exciting time, and there are many things to look forward to. We hope our tips have helped you plan your new life.

Now go live with the best solo retirement ever!

What single retiree tip will you use?

Will you start a new blog with Bluehost?

Or will you join a new social group with Meetup?