These days there are more and more people entering retirement without a spouse. Sometimes this is by choice, and at other times, this is because they’re divorced or widowed. Here are a few important tips to consider:
- First, you want to have a healthy emergency stash because you don’t have a partner to fall back on financially. It won’t be easy, but consider saving enough money to cover 3 – 6 months’ worth of basic expenses like your rent or mortgage, utilities, transportation and groceries. Because you want to have easy access to this money, consider using a basic savings account.
- Next, you want to get your estate in order. Decide who should make medical and financial decisions for you, in case you’re unable to. This may involve establishing a medical power of attorney. This is also a good time to establish a will. Make sure the person you designate has copies of your important documents, including information such as account numbers and passwords.
- Finally, in order to retire, you have to start saving. This may sound obvious, but studies have shown that single people don’t tend to save as much as those who have a spouse. As such, focusing on retirement is especially important for those expecting to spend their golden years without a spouse.
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