Solo Aging Is as Unglamorous as It Sounds
A recent article on Moneywise points to an uncomfortable truth that we probably could have figured out if it were not such a bummer to think about. Specifically, more than a quarter of American retirees are doing what Moneywise describes as “solo aging,” meaning that the retirees live alone and do not have any children. Approximately 22 percent of Americans over the age of 60 live alone, and that number probably will only increase in the near future, The United States, like most highly developed countries, has a low birth rate and long life expectancies, which means that we have an aging population. This is old news, except that the affordability crisis that is affecting virtually everyone in our society has an especially harsh effect on retirees who live alone. If you are single, on the AARP’s mailing list, and stressed out about money, then you probably think that your future is bleak, but being a single retiree is not all gloom and doom. If you plan to retire, but you have limited funds and even more limited patience for other people’s companionship, contact a Dade City estate planning lawyer.
Can You Have a Fabulous Single Retirement?
Solo aging does not have to be a crisis. In fact, the Social Security retirement benefits that millions of seniors receive every month began as the government’s response to the fact that so many elders were lonely and destitute. Some seniors could rely on the help of their children, nieces and nephews, or kind neighbors, but some had no one. Social Security benefits were meant to sustain elders who did not have family to help them financially.
The trouble is that, today, necessities have gotten much more expensive quickly. A couple can survive on two Social Security checks, but it is not a glamorous existence. This is only possible because the household only has one electric bill, and the two checks can combine to pay rent on one apartment. Furthermore, if the couple needs a few hours of help per week with caregiving tasks, the two of them can pay one home health aide. One spouse often provides many hours of care for the other.
If you are single, and you will likely still be single when you will retire, you can plan for this reality. Living modestly now helps, so it will not be a shock when you retire and must rely on a fixed income, and you may be able to accumulate some retirement savings. You can also plan to be near your support network, even if you do not have a spouse or children. This might simply mean living in the same city as your nieces and nephews, or it could mean forming a Millennial Golden Girls or Golden Guys household with several of your friends.
Contact a Florida Estate Planning Attorney About Facing Reality About Your Retirement
An estate planning attorney can help you prepare for retirement with a single fixed income. Contact The Law Office of Laurie R. Chane in Dade City, Florida to discuss your case.
Source:
moneywise.com/retirement/more-than-22-million-older-americans-live-alone-are-unmarried-and-dont-have-kids-but-theyre-struggling-with-rising-costs
