Retirement for Singles

An excellent article “Retirement, for One,” by Marilyn Gardner, appeared in the Christian Science Monitor July 11th. Ms. Gardner addressed the issues of retirement faced by singles: widowed, divorced or never married. The status, of course, can apply to both men and women but statistics indicate there’s a much higher incidence among females.

Think about who is portrayed in retirement advertising—an attractive couple—and who is addressed in retirement planning—another couple. The issue of singles is seldom addressed but a high percentage of us, by the time retirement finally rolls around, find ourselves alone.

There are typically many more financial constraints for women. A study published by AARP indicates over 50% of the women in the U.S. are without any kind of pension coverage. Some of these women will draw benefits from the pension of a deceased spouse but they are few.

Additionally, women who are looking at retirement today did not work in jobs that paid as well as those held by men, and their resulting pensions are lower. Women who worked as single parents were often hard pressed to save very much and many women, in all three categories, are losing positions prior to their planned retirement age through downsizing and other economic trends.

Care giving is another concern as many of us approach retirement with parents still living. It behooves each of us to have frank discussions with parents and siblings about long-term care and how it is to be accomplished. On the flip side of that coin, those with children should plan accordingly for our own needs and expectations when fulltime care may be needed.

It has also been suggested that women might develop an alternative employment skill for retirement years. This would not be a full time high-pressure position but one that could provide supplemental income. Possibilities range from babysitting to data input to secretarial services. My own profession as a tax accountant is always open to part time and seasonal employees; training can be formal or on-the-job.

Housing is always a primary concern. My husband and I recently moved to a smaller senior-friendly house from a three-level, high maintenance home on over seventeen acres in the mountains. Among the benefits are public water, state-maintained road, proximity to town, vinyl siding, and one-level living. Many golden people give up their homes entirely and move into adult communities, condominiums or apartments where there is no maintenance. However, the cost of any of these alternatives may be prohibitive to the single woman with no pension.

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