Life Is More Expensive For Single Seniors
In some ways, being single is awesome; every happily divorced person or confirmed bachelor will tell you this. There is no one to find fault with your taste in food or entertainment or your state of cleanliness. Despite this, loneliness is terrible for you. It is possible for unmarried people to be socially connected and for married people to feel lonely, but regardless of your marital status, social isolation is bad for you in almost every way imaginable. People who spend most of their time alone have worse physical and mental health, regardless of age. The outcomes are even worse for seniors who live alone with little social contact. They are more likely to suffer from memory decline and depression and to lose mobility and other metrics of independence. This comes as no surprise to anyone who travels distances as often as possible to maintain contact with an elderly relative or friend who lives alone. There is another side to the loner lifestyle that negatively affects millions of seniors nationwide, namely, that lonely seniors tend to be in a worse financial situation than their peers who have more family and community support. If you are a naturally solitary person, and you want to protect yourself from poverty in your retirement, contact a Tampa estate planning lawyer.
Financial Aspects of the Loneliness Epidemic
A recent article on Moneywise paints a sobering picture about the future of retirement. It identifies 28 percent of Americans ages 65 and older as “solo agers,” meaning that they are single, widowed, or divorced, and they do not have children. The trend toward solitude in American society has been increasing for decades, and in recent years, journalists have tried to put a positive spin on it, with articles about “Millennial Golden Girls” who plan to share household expenses with a group of platonic friends, or even buy a house together, when they retire.
A few years ago, the picture did not look as bleak. If you were single, you could save enough money to support your lonesome self in retirement and then retire with just enough money for you, yourself, and you. A small apartment and groceries for one are enough for one person, and until recently, one Social Security check was enough to pay for it. The problem is that the spike in prices during the COVID-19 pandemic never went away, and single seniors’ budgets are stretched thin. When you are married or living with a partner, you at least have two Social Security checks to pay for the rent, utilities, and groceries, but when it is only you, then your Social Security check must cover anything. Likewise, one home health aide is often enough to help an elderly couple with the tasks they need help with, and the spouses can share the costs.
Contact David Toback About Solo Aging
A Central Florida estate planning lawyer can help you if your only anticipated retirement income is your own Social Security check. Contact David Toback in Tampa, Florida to set up a consultation.
Source:
moneywise.com/retirement/more-than-22-million-older-americans-live-alone-are-unmarried-and-dont-have-kids-but-theyre-struggling-with-rising-costs
