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There are plenty of perks to retiring single — not having to clear impulse buys with a partner, not having to financially support aging in-laws, and never having to compromise on where (or whether) to relocate. But without a spouse to share their living expenses or act as a caregiver should the need arise, those entering retirement without a partner also face potentially greater financial risks.
Whether you are divorced, widowed, or never married, financial professionals say single people planning for a comfortable retirement must take steps as early as possible to secure their future. That includes:
- Planning for higher housing costs.
- Saving for health care costs.
- Protecting against risk with insurance coverage.
- Creating an estate plan.
- Addressing any previous marital status.
Keep in mind that your financial picture will differ, perhaps significantly, depending on your prior marital status. It may also be influenced by whether or not you have children or relatives who would be willing to help support you as you age, said Jason Heller, a financial professional with Coastal Wealth in Ft. Lauderdale, Florida.
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Retiring single: Planning for higher housing costs
According to most recent data available from the U.S. Census Bureau, about 28 percent of adults age 65 and older live alone, up from 10 percent who lived on their own in 1950.1
Heller said those headed for a solo retirement need to recognize that they may need a bigger financial safety net than their coupled peers. Why? They don’t have a second source of income on which to rely — or an extra set of hands at home to help out.
“Everyone, whether married or single, has the same basic planning needs,” he said. “But singles absolutely need to have more saved because they don’t have the redundancies or shared expenses with a spouse.”
Indeed, research reveals that housing costs consume a relatively higher percentage of a single retiree’s annual income from sources such as Social Security benefits, personal savings, pensions, trusts, and annuities.
Married couples get to share joint expenses, such as their mortgage, groceries, and utility bills, which makes living costs more manageable. And many do so with two incomes — typically a paycheck during their working years and Social Security checks when they retire. Depending on their financial picture, some married couples who file their income taxes jointly may also be able to reduce their tax burden.
That’s a financial fact of life that exists throughout their younger years as well, which makes it harder for their single peers to keep up.
According to a recent survey by Pew Research Group, the median earnings of men without a partner were $35,600, lagging far behind those of partnered men ($57,000). Unpartnered women also trailed their partnered counterparts in median earnings ($32,000 and $40,000, respectively), but the gap was not as large.2
Statistically, singles are also much less likely to own a home than couples, which makes it harder to potentially build wealth. Roughly half of unmarried men and women own homes, versus about 80 percent of married couples.3
Singles also often have less saved for retirement, partly because their disposable income is more limited than their coupled peers (no one to share expenses with) and because they have less opportunity to save to tax-deferred accounts. Married partners can each contribute up to the annual limit each year.
Saving for health care costs
The possibility of higher health care costs in retirement is another potential setback for many singles, said Heller.
While out-of-pocket spending for recurring health care expenses may be comparable for both single and coupled households, singles who do not have a spouse or partner available to deliver care as needed may pay more for nursing home costs and home health care,
The best way to counter these financial headwinds? Live within your means, avoid high-interest debt, and save early and often.
Where possible, it is also often wise to take advantage of pretax workplace savings tools, such as Flexible Spending Accounts (FSA), which can be used for eligible health, dental, and vision care expenses not covered by your health insurance plan.
If offered by your employer, you may also benefit from participation in a Health Savings Account (HSA). HSAs are paired with high deductible health plans and funded with pre-tax dollars. But unlike an FSA, which is funded yearly on a “use it or lose it” basis, the dollars you contribute to your HSA can remain in your account to pay for qualified health care expenses in future years, including retirement. A portion of your HSA can also potentially be invested for growth. Here again, it helps to consult your human resources team or a financial professional for guidance on how best to take advantage of such plans. (Learn more: Health Savings Accounts for retirement planning: Pros and cons)
Protecting against risk with insurance coverage
Life insurance coverage can be an effective tool for protecting against the risk of an untimely passing.
Those with children generally appreciate the need for having adequate life insurance coverage while their children are minors, and many parents purchase sufficient coverage to ensure that their family will be provided for (up to and including college costs) in the event they (the policyowner) should pass away unexpectedly.
But singles without children may benefit from life insurance, too. If you have parents or relatives who might need your support as they age, have significant debt (especially loans that are cosigned by a loved one), or wish to leave a financial legacy to a cause you care about, you should speak with your financial professional about the pros and cons of owning life insurance.
“Knowing where they are financially and putting the proper risk protection in place early on can provide peace of mind, knowing that if anything happens, your beneficiaries will be alright,” said Laurie Madenfort, a financial professional with Coastal Wealth in Ft. Lauderdale, Florida. “That is priceless.”
Another form of protection, disability income insurance, can replace a portion of your income if you should become injured or too ill to work, which is particularly important to consider for those who rely exclusively on their own income.
Finally, singles without a partner are potentially more likely to incur the high cost of long-term care (LTC) services as they age. Some financial services companies offer a hybrid, or combined, life insurance policy with long-term care benefits.
“Even if you are wealthy and think you can self-insure, the last thing you would want to do is liquidate assets to pay for care,” said Madenfort. “Singles, especially, should consider LTC insurance to provide that care and protection should they need it since they are not married and would otherwise have to rely on family and friends for help.”
Madenfort stressed that long-term care coverage offers another benefit as well. It liberates your loved ones to come visit you by choice, rather than obligation.
“Being a caregiver requires a lot from your loved ones — it’s exhausting and it can take their livelihood away,” said Madenfort. “You want to see your loved ones when they come to visit you or want to stay and help.”
Creating an estate plan
While it may be uncomfortable to consider our own mortality, we all need estate planning documents in place to protect our interests both during our lifetime and after we are gone. (Learn more: Wills and the basics of estate planning)
For example, beneficiary designation forms for your life insurance policy and retirement accounts identify the people to whom you wish to distribute those assets after you die. Similarly, your last will and testament clarifies which individuals (or favorite charities) will inherit your property when you pass on. (Related: Beneficiary mistakes)
“If you have underage children, a will is the most important document as it states who will become the guardian in the event something should happen to you and there is not another capable parent available to take care of them,” said Madenfort. “In that case, the courts would appoint a personal guardian to care for the children and that may not be the person(s) you would want if you were alive.”
Estate planning documents can also help protect your interests while you are alive. For example, a living will spells out your preferences for end-of-life medical care, sparing your loved ones from the difficult task of having to guess during a moment of grief, while an advanced health care directive names an individual to make medical decisions on your behalf if you become incapacitated. Similarly, a durable power of attorney enables you to designate a trusted friend or family member to make financial decisions for you if you are unable to do so on your own.
Such documents are essential to all financial plans, but they can provide added comfort to singles who wish to ensure that their estate will pass on according to their wishes and that their financial and medical well-being will be tended to, if needed, by those they trust most.
If you were previously married
As noted, your financial plan will differ depending on whether you were previously married or whether you have children.
One of the biggest financial setbacks for singles who were never married is that they do not benefit from a second Social Security check from a spouse, and their benefit is limited to their own earnings history.
Divorced and widowed retirees do not have a second Social Security check coming in either, but they may still be positioned to collect a higher monthly spousal benefit or survivor benefit (based on their ex-spouse’s earnings record) than their never-married peers.3
In either scenario, financial professionals generally recommend that solo agers delay benefits beyond their full retirement age to maximize the size of their future benefit with delayed credits, ideally until age 70 when delayed credits cease to accrue.
Your need for long-term care coverage may be mitigated if you have a child, friend, or family member willing to step in and assist you as you age.
Single seniors, especially those without children, should make an effort to cultivate a support network of family and friends, in part for their emotional well-being, but also because friends and family can help each other out and potentially delay (or prevent) the need for home health aides. (Learn more: Projecting the costs of aging in place)
To help offset some of their expenses, some retirees without a spouse choose to live with a roommate, a concept know as cohabitation that has gained momentum in recent years as the baby boomer population redefines retirement.
Others are turning to home-share programs to enable them to age in place. Such programs involve opening your home for a nominal fee or in exchange for basic household tasks (think cooking, shoveling snow, and laundry).
Conclusion
Retirement, regardless of marital status, can be an exciting life stage filled with possibility. Those who enter their golden years solo, however, face unique financial risks. By planning ahead for higher expenses, purchasing insurance protection as needed, and fortifying their estate plan to secure their interests, they will be far better equipped to enjoy life after they leave their job and focus on what matters most — friends, family, and personal fulfillment.
Since 1851, MassMutual has been focused on helping people secure their financial future and protect the ones they love. That mission is why we have thousands of financial professionals to assist you on your journey through insurance, investing, retirement planning, estate management, and more. You can find a MassMutual professional with this tool or you can let us know you’d like to talk to one and we’ll have one of our financial professionals contact you.
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Frequently asked questions about retirement planning for single seniors
Q: Why is retirement more expensive for single seniors?
A: Single retirees typically spend about 92% of their after-tax income versus roughly 84 percent for married couples, leaving a smaller cushion for surprises. Housing alone accounts for about 27 percent of annual spending for seniors living alone, and out-of-pocket health care costs run about $13,000 per year versus $8,500 for couples — because there's no partner to share expenses or provide care.
Q: What estate planning documents does a single senior need?
A: At minimum: a last will and testament, a durable power of attorney, a healthcare proxy (advance directive), and a living will. Without these documents, financial and medical decisions default to state court proceedings, which can be costly and may not serve your interests.
Q: Can a divorced or widowed single collect Social Security on a former spouse's record?
A: Potentially, yes. A divorced spouse married at least 10 years may collect up to 50 percent of an ex-spouse's benefit; a surviving divorced spouse may collect up to 100 percent if they wait until their full retirement age. Never-married singles receive only their own benefit, which is why delaying Social Security to age 70 can potentially valuable for them.
Discover more from MassMutual…
Severing the knot after age 50
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This article was originally published in September 2021. It has been updated.
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1 U.S. Census Bureau, “How Many Young and Older Adults Lived Alone?,“ May 30, 2024.
2 Pew Research Group, “Rising Share of U.S. Adults Are Living Without a Spouse or Partner,” Oct. 5, 2021.
2 National Association of Realtors, “Where Single Women are Leading the Market,” March 31, 2026.
3 Bowling Green University, “Homeownership Among Never Married Adults, 2021,” 2023.
4 EBRI/Greenwald, “2025 EBRI/Greenwald Retirement Confidence Survey,” 2025.
5 Social Security Administration, “Retirement Benefits.”
