In the United States, the general retirement age for women is 66. Moreover, statistics show that the life span of women are more than men. The average life expectancy of women is 81 years now but 30% of women live till the 90s as well. This implies that you as a woman need to ruin another three decades nearly.
Retirement is a special moment for everyone but at the same time it could be daunting sometimes especially if you are single lady. But, don’t worry; it is the new start to another phase of your life. For leading a happy life after retirement, the most important thing that matters is a proper financial planning.
This is one of the mandatory fields that single women must focus on. Unlike men, women had to suffer a wage gap in the workplace even in 21st century. So doing the same work, usually men are paid more than women. This wage gap makes it struggling for women to maintain a solid financial foundation after retirement.
We will provide you with various tips on retirement for single ladies from various angles through this guide. Stay tuned to know in detail!
Also Read: How To Enjoy Life After Retirement !
Table of Contents
Retirement For Single Ladies | Retirement Planning For Singles
If you are a single woman and want a retirement life with financial freedom, independence, and stability, then these few tips can help you to plan accordingly.
- Don’t wait for tomorrow, start thinking today!
There is no defined best time to start preparing for your retirement. If you have not already started preparing for your retirement, then today is the best time to start thinking about it. Single people usually don’t have a savings or investment plan because they think that there are no requirements for that.
However, this is a false belief and as a single woman, you must consider planning for a retirement fund well ahead of time.
- Sign up for a long-term health insurance
Even before you start planning for a retirement fund, health insurance is an important thing to consider. After retirement, you need to withdraw money from your pre-retirement savings. But, possibilities of medical emergencies will increase as you grow older.
At that time, you may require financial assistance that is more than your overall pre-retirement savings. In these cases, long-term health insurance policies can help you.
- Never withdraw the Social Security before reaching retirement age
Try to avoid drawing off your Social Security before reaching the full retirement age. That will affect the receiving amount to a greater extent. You must have enough patience and wait to enjoy the benefits that Social Security offers.
You can even stretch out some more years beyond the retirement age to receive more social security benefits because the interest will be more. Hence, you must avoid this thing and stay away from drawing off your Social security if it is possible.
- Enjoy your retirement
Proper financial planning and stability can help you to get a new taste of life after retirement. Don’t ever think that life gets boring after retirement; you can always start a new phase of life. After retirement, you will have enough time to explore the various areas of interest, hobbies, and even travel around the world.
This is a time to stay happy and that can be achieved through close relationships and making new friends. Figure out new hobbies and other activities that can help you to get a sound mind and also interact with people.
These are some of the simple yet important tips that can help single women to plan for their retirement. However, financial stability is one of the great concerns because money can bring you some happiness even though it can’t be bought.
Also Read: How To Become Financially Independent By Investing In Real Estate ?
Financial Planning For Women
Throughout this guide, we are majorly talking about single women’s retirement planning. However, whether you are married or single, proper financial planning for retirement is of utmost necessity. Finances can be a boring subject but finance management is an important thing to do in life.
Let’s go through some important points that are necessary for doing proper financial planning for women.
- Financial literacy is important in life even if you don’t have a college degree. It has been seen through studies that the financial literacy of women is much lesser than men and that is very unfortunate. So, try to read various blogs, e-books, and other sources to increase your financial knowledge.
- Besides doing a 9-5 job, you need to explore other income sources. You can work as a freelancer, or use your hobbies to get some side income. Also, focus on enhancing your passive income sources like rental incomes, dividends, and others.
- Planning for retirement is not a short-term factor, so you need to fix a long-term goal to get the maximum benefits. We have talked about social security earlier which is a long-term objective for retirement planning. Moreover, try to create an investment portfolio that can offer you financial independence after retirement.
- If you create an investment portfolio where you are investing some amount of money every month, then that can be a tedious task to remember and do manually. So, try to automate those payments as much as possible.
- Don’t blindly accept the salaries offered by your employer. Learn to negotiate as it is a valuable skill that can help to increase your earnings a bit in most cases.
Also Read: Top 10 Examples of Accidental Death For Insurance Purpose
Best Places To Retire Single Woman
There can be many reasons for which you want to know the best places to retire. Maybe, you want to retire in such a country that has a lower cost of living, and hence your savings can help you to live longer. Or, maybe you were fascinated by a particular place or culture and thus want to spend your retirement life there.
This can vary from one person to the other depending on their preferences. But, we will list down some of the best places to retire for single women.
- Paris and Barcelona,
- Abruzzo, Italy
- Aix-en-Provence, France
- Alicante, Spain
- Basilicata, Italy
- Porto, Portugal
- Chiang Mai, Thailand
- Bali, Indonesia
- Panama City
US –
- Reno, Nevada
- Littleton, Colorado
- Plano, Texas
- Vancouver, Washington
- Birmingham, Alabama
- Salt Lake City, Utah, and more…
Also Read: What Type Of Account Is Typically The Most Liquid? A Simple (But Complete) Guide
Final Words !
We hope that you have liked this interesting guide on retirement planning for single ladies and found it quite helpful. We have tried to outline the most important aspects that can make your retirement life enjoyable instead of worried or boring.
Thanks, keep smiling!
