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Whether you have always been single or were previously married, planning a solo retirement requires intention. Without a partner, you’ll likely face unique financial challenges, from estate planning considerations to long-term care decisions.

In this episode of Money Wisdom, Nicholas J. Colantuono, CFP® and Eric Hogarth, CFP® break down what it really means to plan for retirement as a single individual.

Benefits for Married Couples

A 2025 Nationwide study found that 25% of single investors didn’t expect that they’d be retiring alone. Additionally, 22% say they feel anxious about aging without a partner. Those concerns are understandable, especially as many aspects of our current retirement system tend to favor married couples.

Couples have the option to coordinate Social Security benefits to maximize their household income. And if they file their taxes jointly, they can typically benefit from wider tax brackets. Not to mention, couples may be able to double their employer-matched 401(k) contributions.

Proactive Estate Planning

In many ways, single retirees must be more proactive in their planning than married retirees. If one spouse gets sick, the other spouse may be able to step in. But if you are single, the question becomes immediate: Who will help if you can’t make decisions for yourself?

That is why estate planning is so important. Even if you do not have children, you likely still need a will, a health care directive, and a power of attorney. These documents help make sure someone you trust can act on your behalf if needed. Also, if you have saved well, it’s crucial to designate beneficiaries for who should receive those assets.

Social Security Strategies

Even if you’re single, you may be eligible for a benefit based on someone else’s record, such as ex-spouse’s. You can claim these Social Security spousal benefits as long as your marriage lasted over 10 years. Or if you’re a widow or widower, you may qualify for benefits based on your late spouse’s record.

Maximizing your benefit is an important part of the retirement planning process. Remember that the Social Security Administration will not contact you to devise the best claiming strategy. You must do that on your own by creating a solid plan and working with a supportive team.

Long-Term Care Planning

For married couples, long-term care is often viewed as a shared issue because one spouse may help care for the other. When you don’t have a partner is when you must consider who will be there to take care of you if a long-term care event were to occur. Another key aspect of long-term care planning is ensuring you won’t run out of money in the process.

Healthcare expenses, especially in the Northeast, can pose a real risk to your financial security in retirement. That doesn’t necessarily mean you must purchase long-term care insurance, but the younger you are, the more options you have. The most important step to take right now is to simply have the conversation with a financial professional.

Are you wondering if you’re ready to retire? Get your free Are You Ready to Retire? Starter Kit by texting “KIT” to 800-757-0436.