YEI #17: RETIRING SOLO
Also: Inflation Fun & Games / From Mechanic To Doctor At 51 / How To Be More Perfect
Retiring Solo, and not Hans Solo.
Sue Sue and I live in a 170 unit condominium development. With me being president of the condo association I got to know most of the people here. What’s obvious, even though we’re not an Over 55 development, is that there are many single seniors, living alone.
It got me thinking about what its like to retire solo. What are the the challenges both financially and just living.
Just Give Me The Numbers
In a recent article by New Retirement they quote the US Census Bureau in saying there are over 20 million single people in the US over 65. Pew Research states that 27% of people over 60 live alone. What blew my mind was that 37% of women over 65 live alone and most are darn happy about it. ( I’m good Sue Sue, right?)
Gray Divorce
Over the last 30 years, the rate of divorce for people over 50 has doubled, with the over 65 divorce rate tripling. In fact, 1 in 10 seniors are divorced. This shouldn’t be a surprise since divorce rates as a whole have been rising. When you’re married, you have 2 incomes, 2 retirement savings, and 2 Social Security accounts to pay the bills. With divorce, you share all that income but to pay for 2 households. You have little time to recover financially when you divorce in the gray era. Here’s and article with more detail. Gray Divorce
It Is Tougher On The Ladies
One of the tough realities of getting older is the extra burden that is on the shoulders of single women. While times are changing, we all know historically women are paid less than men in similar jobs. Not only is pay less, but that leads to less retirement savings and Social Security contributions. Senior women, more than men, find themselves in a tough financial spot. An excellent book that provides a plan for dealing with this conundrum is 55, Underemployed and Faking Normal by Elizabeth White. She dishes out a solid dose of reality, tough talk and suggestions for making the best of the situation.
What Do I Have To Offer?
Personally, not much. After 44 years of being blissfully together, being solo is not in the cards. But the experts I follow do have some advice:
Plan ahead. We’re living longer and healthier so create a plan for getting the most enjoyment out of your life.
Staying connected with others is critical to your physical and mental health. Don’t lose contact with your friends and family. It’s easy to drift apart as we get older. Also consider joining groups at your church, senior center and other similar places.
Losing the work routine when you retire seems like a blessing. But being lost in your day can lead to boredom which leads to depression. Maintain a schedule. Have something to do every day.
Having a pet, especially a dog, has been found to lead to fewer medical problems. The love you get from them, the chores you have to do, and the regular walks will do you a lot of good.
Stay on top of your health . Stay active and don’t ignore regular medical and dental checkups.
Think smaller, housing wise. Many seniors are reluctant to give up the “Family Estate”. But trying to keep up a big house, alone can lead to more problems.
That said, you may want to consider a “Golden Girls” arrangement. Are there other people in your life that you may want to share a home with? Two pensions are better than one!
Get help if you need it. Whether it’s financial or legal, your local senior center can steer you to the right resources. You may need some guidance with Social Security, Medicare, pensions, and taxes. What also falls through the cracks is estate stuff like healthcare and legal proxies. Don’t try to muscle through these things on your own.
Take advantage of transportation options that may exist for seniors in your community. Like with the other stuff, check with your local senior center for public transportation options and even volunteer drivers.
Set up a mutual “check-in” buddy, someone who you check in on at regular intervals to make sure you are both ok, swap notes or just gossip.
Just because you’re solo doesn’t mean your retirement years can’t be the best years of your life. With some creativity and support you can get there.
Illustration By Harsh Darji
What I’m Reading
How To Be (A Bit More) Perfect
I came a cross this poem, more of a list, by Ron Padgett which offers some tips on How To Be Perfect
Suggestions include:
Hope for everything. Expect nothing.
Learn something every day.
Be nice to people before they have a chance to behave badly.
Visit foreign countries except those whose inhabitants have an expressed desire to kill you.
Grow something.
Maybe perfection is out of reach, but getting better is always worth the effort.
Dollars and Sense
Make Inflation Fun?
This is a link to an interactive website that lets you have some depressing fun learning how inflation affects us. You may want to use it to educate the little ones and even their kids. How Inflation Works
News & Stuff
From Mechanic To Doctor At 51
Reinvention can happen at anytime. Here’s an encouraging story about a guy who became a doctor at 51 after spending most of his adult life fixing cars. I’m not sure how I’d feel if my doctor walked into the exam room holding a dip stick.
Just Because I Want To Make You Laugh
A Quote To Chew On
“Tell me, what else should I have done? Doesn’t everything die at last, and too soon? Tell me, what is it you plan to do with your one wild and precious life?” Mary Oliver, from the poem “The Sunny Day”