Plan for Retirement When You’re on Your Own

[Lethe200]

There are links in the article, FYI.

Going Solo: How to Plan for Retirement When You’re on Your Own
More Americans are entering their later years without people they can automatically turn to for assistance with their health and finances. Here’s how to start.
NY Times 21Sept2024
[free link] Going Solo: How to Plan for Retirement When You’re on Your Own

(excerpt)
... “People don’t want to think about the problems of getting older, especially when there aren’t easy solutions to the people part of it,” said Ailene Gerhardt, a certified senior adviser and founder of Navigating Solo, a resource clearinghouse for solo agers. “But the alternative is worse.”

... Rethink ‘Home’ – It’s also important to have people you can count on for day-to-day needs as they arise. Who could you call for help if you have an emergency at 2 a.m.? If you go to the hospital, who will take care of your cat and make sure you don’t come home to spoiled milk in the fridge?

... The payoff to making plans, experts said, goes beyond practical support. “Many solo agers experience a lot of angst, worrying about worst-case scenarios,” Mr. Lyman said. “Putting together a plan in advance gives you peace of mind.”

 

[Aunt Bea]

It made interesting reading but really didn’t offer much in the way of practical solutions for singles facing old age and declining health on their own.

At this point, I mainly ignore the issues of aging alone and will deal with whatever happens to come my way as it happens.

 

[That Lady in PA]

... Rethink ‘Home’ – It’s also important to have people you can count on for day-to-day needs as they arise. Who could you call for help if you have an emergency at 2 a.m.? If you go to the hospital, who will take care of your cat and make sure you don’t come home to spoiled milk in the fridge?

this is why DH and I cultivate a circle of good friends.

 

[katlupe]

It made interesting reading but really didn’t offer much in the way of practical solutions for singles facing old age and declining health on their own.

At this point, I mainly ignore the issues of aging alone and will deal with whatever happens to come my way as it happens.

That is what I am doing too.

 

[dilettante]

There are plenty of painful healthcare-, Medicare-, and tax-related "single penalties" to navigate as well. People who haven't been doing their own income tax returns probably aren't even aware of them and just shake their fists at the sky when they get whacked.

Many people haven't even heard of IRMAA, let alone have a clue of how hard it can bite you financially. Marginal tax brackets are probably as big a mystery. I'm not sure most people are aware that their 2017 tax cuts will expire in 2025. The brackets go back up and the Standard Deduction drops again, meaning more income gets taxed and taxed more for most people.

But I guess this thread isn't about financial planning for/in retirement.

 

[StillLearning]

At this point, I mainly ignore the issues of aging alone and will deal with whatever happens to come my way as it happens.

Thank you for posting this. I’m overwhelmed right now. Hubby just went on Hospice and I just ordered a walker, wheelchair etc. If that isn’t enough, I want to stress myself out more and think about how am I going to navigate aging by myself. Ok OK I took a deep breath , I read your post and figured yep, I’m just going to deal with whatever happens to come my way too.

 

[David777]

NYT link ...about a third of people 50 and older now live alone and don’t have children

They are talking about this 75.9 year old still healthy solo person that does not ever expect relatives to help. Not a concern at this point. Have aging siblings in much more precarious positions.

I have a will that includes funeral directions but nothing about care given sudden health incapacitation that I expect won't occur but am aware is possible. Only if I start becoming senile or suffer from a slowly degenerating disease will bother to think about it. Otherwise expect my modest financial state will last with my frugal lifestyle even if I reach 3 digits.