Bruno Pugh
Retirement doesn’t just sneak up on you. One moment, you’re working hard, and the next, you’re figuring out how to fill your days without a steady paycheck. As a single adult, it’s all on you—no partner to share the bills, no family to lean on. You’re the one making all the decisions. To help you with these changes, here are ten tips for living your best life in your golden years.
Savings for Daily Living
You don’t get to sleep on your savings. Start investing early, and your future self will thank you. If you start a business, put aside a portion for retirement every single month. Over the years, those contributions will pile up and create a safety net when you are ready to retire.
Health Insurance Coverage
A lot of people think health insurance is something you’ll figure out later. Big mistake. Do you know most of them are expensive? Medicare can be a lifesaver, but it doesn’t cover everything. Supplementary insurance is the best bet in such cases.
Estate Planning
Think estate planning is only for the very rich? That’s not true. The fact is, everyone needs a plan in place, especially if you’re single. Nobody wants their assets to get tangled up in legal battles. So, get a lawyer to draw up a will and a trust that can make everything crystal clear.
Long-Term Care Facilities
When you’re single, long-term care is a big concern. One day, in a comfy bed, you’ll be thankful that you planned ahead because nobody can predict the future. Who knows, they might need extra help, whether it’s home health aides or a nursing facility. So, plan for the unpredictable.
Your Housing
Where will you live in retirement? A big house might seem appealing, but it can quickly become overwhelming once you’re no longer working full-time. Consider your options—maybe a smaller, more manageable space or a cozy apartment in a retirement community.
Social Security Benefits
Social Security is important, but timing makes all the difference. You can start claiming benefits at 70, which might seem late, but here’s the catch: waiting boosts your monthly check. If you start earlier, you’ll receive less each month. It’s worth crunching the numbers to see what works best for you.
Having a Company
Getting old alone can make you lonely. Over the years, make sure to stay connected with friends and join local groups that can keep you socially engaged. Wouldn’t it be better to be a part of a coffee group than read a paper alone on your porch?
Personal Growth and Hobbies
Plan to engage in something that brings joy, whether it’s learning an instrument, starting a garden, or traveling the world. Don’t let your personal growth stall just because you’re no longer clocking in. Having a creative outlet will keep your mind sharp and give you a sense of purpose.
Pet Planning
You’ve probably seen seniors adopt a pet to fill their time or the void. While pets bring guaranteed happiness, it’s important to be responsible. If you’re thinking about adopting in your later years, consider the long-term care needs of your pet and how they’ll fit into your lifestyle.