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Build a team

Growing older without a spouse or adult children means you'll need to build support who can help with your finances, make medical decisions and prevent you from becoming isolated as you grow older (extended family, trusted friends, and paid professionals):

  • Find people who will manage your financial and medical affairs, people to stop by, run errands, or drive you to appointments.
  • Find out what they're willing to do, and make known your wishes.
  • Revisit these plans often.
  • If you don't have a friend or family member to carry out your wishes, consider working with a professional fiduciary, such as an accountant, lawyer, or trust company officer.

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MORE IDEAS FROM THE SAME ARTICLE

  • Some single seniors can stay in their current homes, usually with structural changes. Even if your health is good, you may need someone to help you with household tasks or provide more expensive care as you age.
  • Home sharing is an appealing option for those with fr...

Getting the right documents in place will make it easier when you become unable to manage your affairs.

  • Try to save at least 15% of your paycheck for retirement.
  • If you're able to save more, open a Roth IRA. You'll pay taxes on your contributions now, but your earnings will accumulate tax-free.
  • Even if you haven't saved anything for your retirement, there's still time to bui...

If you were married for more than a decade and then divorced or your spouse died, you may qualify for Social Security benefits based on his or her work history.

Many singles don't have a strong enough backup plan to cover the costs of a major illness or other problems.

If you don't have long-term-care insurance, a chronic illness could quickly drain your retirement funds.
Nearly 70% of seniors will eventually need some form of long-term care, and about 20% of them for more than five years.

Group long-term disability policies offered by employers typically replace up to 60% of your income.

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Knowledge on Retirement planning is essential as it needs to be planned right from the beginning of career.

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