Prepare for solo retirement - more than half of over 65s are living alone

living solo is more common than we acknowledge

More people over 65 are now living alone than ever before, with official figures showing that this group makes up over half of all solo households—up from 45.5% in 2014. Women, who tend to live longer, make up the majority, but the number of men living solo is rising too. While living alone in retirement is increasingly common and can be fulfilling, it brings financial challenges that require thoughtful preparation.

Taking on the costs of retirement solo means you shoulder all the expenses—utility bills, groceries, and even the much-dreaded “singles tax” or single supplement for holidays. That’s why experts emphasize that single retirees need bigger pension pots. For example, to achieve a moderate standard of living, a single person needs an estimated £415,000, compared to £209,000 each for someone in a couple. For a comfortable life, the disparity grows even more.

So, how can you prepare if you're heading into solo retirement? Here are some practical tips:

• Don’t rely on a partner’s pension. Build your own savings as a safeguard against future change.

• Visualize your retirement lifestyle. Use pension calculators to check if your current saving habits will allow you to live the way you want.

• Budget carefully and review regularly. Solo living is pricier, so stay on top of where your money goes, and keep an eye out for creeping costs.

• Take advantage of discounts, like the 25% single-person council tax reduction, and consider funneling these savings back into your pension.

• If you're in your 40s or 50s, keep investing in equities for potential long-term growth; you have time to ride out market ups and downs.

• Lean on family for support in ways that can help reduce expenses, from sharing holidays to getting help with meals or accommodation.

Getting ready for solo retirement is all about planning ahead, being realistic about costs, and regularly reviewing your financial picture. With preparation and support, living alone in your golden years doesn't have to be daunting—it can be a new chapter of independence and fulfillment.

Read more: https://moneyweek.com/personal-finance/pensions/how-to-prepare-for-solo-retirement

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