Ensure your retirement is not only secure, but also vibrant and fulfilling
Embarking on retirement alone, either by choice or due to unforeseen circumstances such as the loss of a partner or divorce, presents a unique set of challenges and considerations. With the rise in divorce rates among those aged 50 and older, and the reality that over a quarter of individuals over 60 live solo – a figure that climbs significantly for women as they age – preparing for a solo retirement is more relevant than ever.
How Will You Remain Socially Connected?
Social connections and a robust support network are crucial for a fulfilling retirement, especially when navigating this journey alone. Loneliness and isolation can have significant impacts on both mental and physical health. Therefore, it’s essential to proactively seek out social engagement and build a community that supports you. Consider the following strategies:
- Join clubs or groups that align with your interests, such as book clubs, gardening groups, or exercise classes.
- Volunteer for causes you’re passionate about, offering a sense of purpose and the opportunity to meet like-minded individuals.
- Stay active in the digital world, using social media and video calls to keep in touch with friends and family, especially those who might not be nearby.
Are You Retiring in the “Right Place?”
The choice of where to retire is pivotal, especially for those living alone. The “right place” is not just about affordability or scenic beauty; it’s also about the support structures available, accessibility to healthcare, and opportunities for social interaction. Consider these factors:
- Community and services tailored for retirees, including recreational centers, continuing education classes, and easily accessible healthcare facilities.
- Proximity to family and friends, ensuring you have a support network within reach.
- Safety and accessibility, including public transportation options, walkable neighborhoods, and communities with other single retirees.
Who Will Care for You?
While it may be uncomfortable to think about, planning for potential health care needs is a critical aspect of preparing for solo retirement. Anticipating who will assist you in case of health issues and understanding the resources available can provide peace of mind.
Strategies include:
- Long-term care insurance, to cover costs of care that regular health insurance may not.
- Health directives and living wills, ensuring your wishes are known and respected.
- Building a trusted network of friends, family, or professionals who understand your preferences and can advocate on your behalf.
Embracing Solo Retirement
Living solo in retirement is an opportunity to craft a life that truly reflects your interests, values, and desires. It encourages self-reliance and resilience, offering the freedom to pursue passions without compromise. Embracing this stage with preparation and positivity can lead to a richly rewarding experience.
- Develop new skills or hobbies that you’ve always wanted to explore.
- Travel solo, experiencing the world on your own terms.
- Invest in self-care, recognizing that taking care of your mental and physical well-being is paramount.
Solo retirement is not just about facing challenges; it’s about seizing opportunities to live a life filled with joy, purpose, and community. By asking yourself these critical questions and planning accordingly, you can ensure that your retirement is not only secure but also vibrant and fulfilling.
Source: Copyright © 2024 FMeX. All rights reserved. Distributed by Financial Media Exchange.
Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter. Chase, as a fiduciary, believes in putting his clients interests first, and building out plans for his clients where they can have a happy and fruitful retirement. He married his beautiful wife in February 2022 and both use most of their free time chasing around their little pup, Aurora.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.