Retiring single has its privileges and challenges. There's freedom, and there's financial responsibility, which some people may find daunting. These sites help sort out the issues and answers.
— The Women's Institute for a Secure Retirement, at WiserWomen.org, provides this retirement planning page with links to retirement calculators, explainers on reverse mortgages, pensions, divorce, veteran's benefits and a whole lot more.
— "Living alone as you approach retirement is hard work," notes this post at TIAA-CREF.org, the financial-service firm for employees of nonprofits. The page aimed at single women in their 60s goes on: "Solid planning and good financial advice are important factors in transitioning smoothly into this next phase of life. There is no one-size-fits-all approach to retirement, so it's important to make smart moves now to help make your next act be all it can be." When it comes to making investment choices — which, a cited survey said, more women than men are uncomfortable making on their own — the post recommends some self-teaching at websites such as Morningstar.com, Fool.com and TIAA-CREF's own Advice & Guidance.
— Get to TIAA-CREF's Advice & Guidance home page here.
— The Canadian website MoneySense.ca carries this post about "going it alone" in retirement. It's basically a case study about two single sisters — one a widow, one divorced — and their complaint that most of the retirement advice they were reading applied to couples. Writer David Aston admits that's true. For one thing, you cannot simply look at what a couple need for a retirement nest egg and divide that figure in two to find out what a single person needs. "The fact is, singles will have to save more for retirement on a per-person basis than retirees who can split the load with a partner," Aston says. That's one of his "grim facts," but he's got good news, too, especially for those single people who haven't had to spend potential savings on raising children.
— The "Single Person's Guide to Retirement," at Bank of America's MerrillEdge.com, echoes the notion of "freedom from certain family financial obligations" as a possible advantage of the unattached life that can help singles save for their retirement. But it also acknowledges the financial challenges of saving on a single income and passing an estate on to heirs who may not be immediate family members. The page has a basic outline for making a plan, making saving a habit, building a safety net that might need to include long-term care insurance, and getting "your legal house in order" with a health care directive and designating powers of attorney for your finances and health.
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