Retiring Without a Partner? How Singles Can Maximize Their Savings
Retirement can be expensive, especially when you do it alone, surveys show. But there are ways to maximize your retirement savings even when facing your second act without a partner.
Few people are prepared to face retirement without a partner to lean on when making crucial financial, investment and long-term care decisions. Yet, many people heading into retirement or already retired are single. All of which brings up a crucial question: how can you best plan for retirement as a single person?
How many pre-retirees and retirees are single? As of 2023, the most recently-available data, 32% of adults aged 55 - 64 and 41% aged 65 and older were single, according to a new Pew Research Center analysis of Census Bureau data.
Singles planning for retirement find themselves bracing for added financial headwinds, versus their partnered counterparts, according to a new Advisor Authority study, powered by the Nationwide Retirement Institute. More than one in three single investors say they experience more financial hardship compared to those with spouses or partners, a rate that increases significantly for single investors under 50 years old (44%).
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A quarter (25%) of single investors say they did not plan to be alone in retirement, 18% indicated they don’t know if they’ll ever be able to retire and 22% say they are scared to grow old alone. Only a small group (9%) says they enjoy the independence of being single in retirement.
If you find yourself facing your golden years alone, there are strategies to put into place now that can help you reach your financial goals in 2025, like working with a financial professional.
Six strategies to fund your retirement
“Whether you’re a single person planning for retirement or a financial professional working with one, it’s important to recognize there are several elements of financial planning that may be different when retiring without a partner,” Rona Guymon, senior vice president of Nationwide Annuity Distribution, said.
She highlights the following strategies for single retirees (and even those who are rich and single), to address with a financial professional:
- Build an emergency fund: Building an emergency fund is key for single retirees who may not have a secondary source of income from a partner to provide the added financial stability should adversity arise.
- Create an estate plan: Estate planning may look different for those who don’t have a partner, making it even more important to clarify beneficiaries, but also designate who will speak on a single retiree’s behalf should they lose the ability to represent themselves.
- Find a long-term care solution: Single retirees may not have a natural caregiving solution in place. That’s why it’s important to research and specify long-term care options as early as possible in the planning process.
- Consider individual tax rates: Without the benefit of filing jointly, single retirees often face higher tax rates compared to married couples without proper tax planning strategies in place.
- Social Isolation: An important part of a single person’s retirement plan should be building a strong support network. Isolation and loneliness can impact emotional well-being, which can lead to poor financial decisions.
The magic number needed to retire comfortably
If you’re retired and single, having enough money in the bank to retire comfortably may seem out of reach. This is especially true when you consider that, according to the 2025 Planning & Progress Study by Northwestern Mutual, you will need a hefty $1.26 million. That number represents the so-called magic number needed for retirement.
The study from Nationwide Retirement Institute shows that nearly half (46%) of single investors say they would need about half of that amount, or up to $600,000 in retirement savings, to feel comfortable about their future. Yet, just 23% say they have at least $250,000 saved and only 18% say they have $500,000 or more saved towards retirement.
“Single investors are facing retirement challenges that their coupled counterparts are not, relying solely on their individual saving efforts compared to those with a second source of income from a partner,” said Guymon. “It’s not surprising they believe they need to hit a ‘magic number’ in retirement to live comfortably.”
Singles and partners vary in their investment approach
Single investors may be missing some opportunities to optimize their investment approach compared to their coupled counterparts, according to the Nationwide Retirement Institute study. For example:
- Less than half (49%) of single investors who have a strategy to protect assets against market risks say they focus on diversification of assets or non-correlated assets in their retirement portfolios, compared to 62% of partnered investors.
- About one third (34%) of single investors do not currently have a strategy in place to protect their assets against market risk, compared to 27% of partnered investors.
- Single investors are less likely to turn to an advisor or financial professional for help, with just 35% saying they currently pay to work with one, compared to 46% of partnered investors.
Single investors who do work with a financial professional find the most important benefits of doing so include protecting their assets against market risk (20%), helping them make more informed decisions (15%) and keeping them focused on long-term goals (15%).
Six things single retirees can do to plan for retirement
If you're a household of one, here are a few tips to plan for a better retirement.
- Be a smart spender. The average single person in the U.S. spends about $48,000 annually, whereas married couples spend an average of $76,000 each year. Word to the wise: Watch your spending habits and pull back where you can.
- Budget and save. Creating a comprehensive budget using a budgeting app can help you see where to free up funds to put toward your nest egg.
- Choose the best savings plans. For instance, tax-advantaged savings accounts like 401(k)s or IRAs offer special tax benefits that can supercharge your savings.
- Take advantage of catch-up contributions. If you're 50 or older, taking advantage of any catch-up (or super-catch-up) contributions — which allow eligible savers to contribute beyond the standard annual limits in various retirement accounts like 401(k)s and IRAs — will help you save even more for retirement and reach your target savings date more quickly.
- Invest. Rather than parking your cash in a regular savings account, consider building a diversified, risk-appropriate investment portfolio of stocks and bonds. Since about 1800, stocks have consistently returned an average of 6.5% to 7% per year, after inflation.
- Make the most of Social Security. As a single person, you're relying solely on your earnings to get you through the rest of your life. Social Security can make up a fair share of your retirement income.
Bottom line
Many single retirees have money saved outside of 401(k)s and IRAs. Savings accounts, real estate, brokerage accounts, non-retirement CDs and health savings accounts can all be earmarked for your retirement. Many boomers, people aged 61 - 79, have already started to draw on these savings to pay for essentials.
According to a Federal Reserve survey, only 31% of the population feels on track with retirement savings, leaving many underprepared. While being single in retirement comes with additional financial considerations and challenges, taking steps today — in case the unimaginable happens — can help you save for the nest egg that can support your financial and lifestyle goals.
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