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    Money & Banking
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    7 min read 6 stepsMay 8, 2026Verified May 2026

    How to Plan Retirement Without a Spouse

    Honest, practical retirement planning for single seniors, with a focus on income, healthcare, housing, and the safety nets a solo budget must build in.

    At a Glance

    Category
    Money & Banking
    Difficulty
    Intermediate
    Read Time
    7 min read
    Steps
    6
    Topics covered
    retirement
    single seniors
    solo aging
    social security
    financial planning
    savings

    In this guide (6 steps):

    1. 1.Run a Realistic Single-Person Budget
    2. 2.Time Your Social Security Claim Carefully
    3. 3.Build a Larger Emergency Fund Than a Couple Would
    4. 4.Plan for Long-Term Care Even If You Hope to Avoid It
    5. 5.Pick a Retirement Home That Works for One Person
    6. 6.Name a Financial Power of Attorney and Keep Records Clear
    1

    Run a Realistic Single-Person Budget

    ~44s
    Open a notebook or a free budgeting app such as the AARP Money Map or NerdWallet. Write down every monthly bill: rent or mortgage, property tax divided by 12, homeowners or renters insurance, utilities, internet, phone, groceries, transportation, prescriptions, healthcare premiums, and any subscriptions. Add a yearly category for car repairs, home repairs, dental work, travel, gifts, and clothing. Divide that yearly figure by 12 and add it to the monthly total. Most single seniors land between 2,500 and 4,500 dollars in true monthly expenses, even with a paid-off home. Compare the total to your expected retirement income. Any gap is the number to close before you stop working.

    Quick Tip

    Add a separate line called Solo Safety Fund. Aim to save 200 to 400 dollars a month into that bucket for the help a spouse would otherwise provide for free.

    2

    Time Your Social Security Claim Carefully

    ~47s
    For a single retiree, the Social Security claim is one of the largest financial decisions of your life. Each year you wait between age 62 and age 70 increases your monthly benefit by roughly 6 to 8 percent. For most single seniors in good health, waiting until at least full retirement age, around 66 or 67 depending on birth year, and ideally until age 70 results in tens of thousands more dollars over a lifetime. Claiming early at 62 may make sense only if your health is poor or you have no other income. Use the free Social Security Quick Calculator at ssa.gov to compare claim ages. Schedule a free phone appointment with the Social Security Administration by calling 1-800-772-1213 before you decide.

    Warning

    Once you claim Social Security, the higher waiting bonus is gone. The choice is mostly permanent. Make it after careful comparison, not in a moment of stress.

    3

    Build a Larger Emergency Fund Than a Couple Would

    ~44s
    Most financial advisors tell married retirees to keep three to six months of expenses in a savings account. Single retirees should aim for nine to twelve months. The reason is the second-income safety net that a single person does not have. A surprise hospital bill, a new roof, or three weeks unable to drive can stretch a tight retirement budget to the breaking point. Park the fund in a high-yield savings account at an FDIC-insured bank or credit union. Look for one paying at least 4 percent annual interest, available at most online banks. The money should be reachable within a day but not so reachable that you tap it for everyday spending.

    Quick Tip

    Label the account Emergency Only in your banking app. The label alone keeps many seniors from dipping into it for routine costs.

    4

    Plan for Long-Term Care Even If You Hope to Avoid It

    ~54s
    About 70 percent of Americans over 65 will need some long-term care during their lives, according to the U.S. Department of Health and Human Services. A married retiree often relies on a spouse for unpaid care during the first phase. A single retiree usually pays for help from the very first day. Nursing home care averages over 100,000 dollars per year in 2026. Home health aide visits at a few hours a day cost roughly 30,000 to 50,000 dollars per year. Plan for this in one of three ways: long-term care insurance bought in your 50s or early 60s, a dedicated savings bucket of 200,000 dollars or more, or a clear willingness to apply for Medicaid coverage if your assets are spent down. Talk with a State Health Insurance Help Program counselor at shiphelp.org for free guidance on the right mix.

    Warning

    Long-term care insurance bought after age 70 is often very expensive or unavailable. If this is part of your plan, do not delay the conversation past your mid-60s.

    5

    Pick a Retirement Home That Works for One Person

    ~48s
    Housing choices for single retirees range from staying in the family home, downsizing to a condo or townhouse, joining a 55-plus community, renting in a senior apartment building, moving in with a friend or sibling, or entering a continuing care retirement community. Each has tradeoffs. The family home offers familiarity but heavy upkeep. A senior community offers built-in social life and lighter chores. A continuing care community costs more upfront but covers escalating care needs in one place. Tour at least three options before you decide. Ask about the costs not in the brochure, such as monthly fees, special assessments, and what happens to your spot if your health changes. Single retirees often thrive in housing with built-in neighbors and shared meals, since loneliness is itself a major health risk.

    Quick Tip

    AARP and your local Area Agency on Aging at eldercare.acl.gov can help you compare housing options for free.

    6

    Name a Financial Power of Attorney and Keep Records Clear

    ~55s
    A financial power of attorney is a legal document that names someone to handle your money if you cannot. This is even more important for a single senior than for a married one, since there is no spouse to step in automatically. Pick a trusted person, often the same person you named as healthcare proxy or a different trusted friend, sibling, niece, or nephew. Use a free state form from your state bar association, or pay a few hundred dollars for an elder law attorney to draft one. Keep a clear, current list of your bank accounts, investment accounts, insurance policies, and bills in a labeled folder at home. Tell your power of attorney where the folder lives. Update it once a year. A short paragraph in a notebook can save weeks of confusion later.

    Warning

    Never name someone you do not fully trust as a financial power of attorney. The role allows them to move money in your name. Elder financial abuse is most common when this paperwork is rushed or pressured.

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    Retirement planning for a single person is not harder than for a married couple, but the math is different and the margin for error is smaller. A single retiree pays roughly the same for housing, utilities, internet, property taxes, and a car as a couple does, yet has only one Social Security check and one set of savings to draw from. Researchers at the Center for Retirement Research call this the singles penalty. And it can run 30 to 40 percent higher per person than the cost of retiring as a couple. A solid plan does not ignore that gap. It plans for it on purpose.

    The second difference is the safety net. A married retiree who falls and breaks a hip has a spouse to drive them home, fill prescriptions, cook meals, and pay bills during recovery. A single retiree has to budget for paid help, a friend network, or both. The cost of a few weeks of home health aide visits can run several thousand dollars, money that is not in most basic retirement budgets unless you put it there.

    The third difference is decision-making. A married couple shares the work of choosing Medicare plans, switching banks, paying property taxes, and managing investments. A single retiree carries the full load alone. Many single seniors do this beautifully for decades. But it helps to know in advance that the workload is real and to build in support before you need it. The earlier you set up a financial helper, a trusted accountant, and clear written records, the easier the later years become.

    This guide walks through Social Security claiming strategy for singles, building a realistic monthly budget, the savings and insurance levels a solo retirement actually requires, housing choices, healthcare planning, and the practical paperwork that keeps your money safe if your own judgment slows. The numbers are based on Social Security Administration data, AARP solo aging research, and the Center for Retirement Research figures for 2025 and 2026. Plan to spend three or four sessions over a month working through each section. There is no rush, and small improvements compound.

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    retirement
    single seniors
    solo aging
    social security
    financial planning
    savings

    Official Resources

    Consumer Financial Protection BureauFTC — Identity TheftAnnualCreditReport.com

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