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Special Tips for Retiring Singles

You will want to replace your income. You will also want to stay socially engaged.

A 2018 Census Bureau report found that about 6% of Americans have never married, and that 22% of Americans aged 64-75 live by themselves. For those who expect to retire as singles, special attention needs to be paid to financial, legal and social aspects of life, says the article “Retiring single” from Paradise Post.

Whether you perceive a solo retirement as liberating or challenging, you’ll need to be aware of how your future may be different than your present.

Be aware that your retirement needs might change. They can be impacted by the unexpected, from health issues or changes in your goals. A new ambition may emerge, or a long-postponed dream could come to fruition. At this time of life, people begin new ventures, from travelling around the world to starting a new business.

Another thing to consider is that once you retire, your social circles are likely to change. The people who were a big part of your day-to-day life, like clients and co-workers, won’t necessarily remain friends once you retire. If you leave your current residence to retire to a new community, connections with people at your current location may also drift apart.

Make a concrete plan for strengthening existing relationships and friendships, if you want them to continue. Don’t rely on social media for connections—you’ll want to see people in real life. Leave yourself open, especially if you relocate, to many different ways of making new connections and new friends. A hobby that you used to love, or a new hobby, could bring you into a new community. Consider volunteering for a cause that has meaning for you.

You also need to address your estate plan. This is especially important, if you have no family and no heirs. You still have an estate, and you should have a say in how you are treated as you age and what happens to your possessions, when you pass away. A will is used to distribute your possessions according to your wishes.

You will also want a power of attorney to protect you, should you become incapacitated. There are several different types, and an estate planning attorney will be able to review which ones are best suited for your situation. A general power of attorney gives another person, your “agent,” the power to make financial decisions on your behalf. A special power of attorney gives that person the ability to act for you, but with limitations. A durable power of attorney is revocable by you and stays in effect, if you become incapacitated or mentally incompetent. There is also one more: the health care power of attorney authorizes another person who you name to make medical treatment decisions for you.

Give some thought to a plan for extended or long-term care. Not everyone ends up needing extended care, but a plan in place will give you peace of mind.

An elder law attorney will be able to review your situation and determine what documents you need to achieve your goals and protect you during your retirement years.

Reference: Paradise Post (June 24, 2019) “Retiring single”

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“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”

- Bonnie

Cindy and her company treat their clients like family. Nelson’s offers clear, direct, and honest guidance in planning for your families security and future. No one wants to actively sit down and make these decisions, but Nelson’s makes this process seamless. I was so impressed with their willingness to answer all questions big or small. So glad I made the decision have them help my mom and dad and now me. You can’t go wrong with Nelson’s Elder Care Law.

- Hope

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

- Kerri

I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

- Charlotte

Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

- Pierce