Empower Your Future: Retirement Strategies for Single Women Over 50

Written by Hazel Secco, CFP®, CDFA®

Does the thought of planning for retirement on your own feel overwhelming? That uneasy feeling is something many women experience, especially when navigating the complexities of retirement planning solo.

Here’s a startling reality: 8 out of 10 women will take on full responsibility for their financial future at some point in their lives. For a single woman over 50, this isn’t just another statistic—it’s your story, your journey, and your future.

Life has a way of taking unexpected turns, doesn’t it? Whether you’re single by choice, adjusting after a divorce, or grieving the loss of a spouse, planning for retirement on your own can feel like standing at the base of a mountain without the right gear. Maybe just thinking about it makes your heart race, or looking at your financial statements feels overwhelming. Take a deep breath and give yourself grace—this is a big step, and it’s completely okay to feel the weight of it.

But here’s something you may not realize: you’re stronger and more capable than you give yourself credit for. The very skills that helped you navigate career challenges, personal transitions, and life’s curveballs? Those same strengths will guide you through this journey, too.

Women face unique hurdles when it comes to retirement planning. On average, we live longer than men, which means our savings need to last longer. Combine that with earning less over the course of our careers—whether due to caregiving breaks or systemic pay gaps—and the road to retirement can feel even steeper.

But here’s the truth: these challenges don’t define your future. Instead, they shape the strategy you’ll use to build a retirement that works for you. And with the right plan, it’s entirely possible to create the financial freedom you deserve.

This isn’t about settling for less or crossing your fingers and hoping things work out. It’s about harnessing your strengths and creating a financial plan that reflects your independence, resilience, and dreams for the future.

Are you ready to take the first step? Let’s explore strategies that will empower you to build the independent retirement you deserve. Together, we’ll turn stress and uncertainty into confidence and excitement about what’s ahead.

Building Your Financial Foundation

Remember that refrigerator you’ve been avoiding cleaning? Or that medical checkup you’ve been postponing? Sometimes our financial foundation feels just as daunting to tackle. Yet, just like those other tasks, facing it head-on brings tremendous relief.

Assessing Your Current Financial Health

Let’s shine a light on your current financial picture. Many women face an uphill battle – earning about 84 cents for every dollar men make,^[1] while often stepping away from careers to care for family members.

Think of your financial health check as your money’s annual physical. Here’s what needs examining:

• Your savings and investment nest egg
• Those pesky debts and monthly bills
• Your retirement account status (yes, even if it makes you cringe)
• Your emergency fund (or plans to build one)
• Insurance coverage gaps

Creating a Retirement Budget Blueprint

Here’s a reality check that might surprise you: women typically need to plan for five more years of retirement than men. The average single person spends $3,693 monthly, with housing taking nearly half that pie. Scary? Perhaps. But manageable? Absolutely. Ready to create your retirement roadmap? Here’s your step-by-step guide:

1. List those non-negotiable monthly expenses
2. Face the healthcare numbers (brace yourself – a healthy 65-year-old woman needs about $165,000 for retirement healthcare)^[3]
3. Don’t forget the fun stuff – hobbies and activities that make life fun and enjoyable
4. Build in a cushion for inflation
5. Consider future care needs (because planning ahead brings more confidence)

Setting Clear Financial Milestones

Only 36% of women currently work with financial advisors, yet those who do often avoid costly financial pitfalls. Here’s something to think about: one in five older single women say their advisor played a key role in helping them sidestep significant financial mistakes.

Want to make the most of your retirement savings? Aim to save 15% of your income each year. If you’re behind, don’t let that hold you back. Catch-up contributions after 50 can be your secret weapon. Remember, progress is progress—every step forward, no matter how small, brings you closer to your goals.

Maximizing Retirement Income Sources

Does the thought of creating multiple income streams feel overwhelming? It’s a common challenge, but one that can be tackled step by step. Let’s turn that uncertainty into action and start building your retirement income fortress, one brick at a time.

Strategic Social Security Planning

Here’s a startling fact: claiming benefits too early could shrink your Social Security check by 30%.^[3] Let’s avoid that money monster! Here’s your roadmap to maximize those benefits.

1. Practice patience – waiting until 70 grows your benefit by 8% yearly after full retirement age.
2. Are you divorced? Don’t leave money on the table – a 10+ year marriage might qualify you for spousal benefits.
3. If you’re widowed, explore survivor benefits – you could receive up to 100% of your late spouse’s benefit.^[4]

Understanding Investment Returns

Ready for some empowering news? Women often outperform men in investments by 0.4%.^[5] Yet many of us still doubt our investment abilities. Sound familiar?

Think of your investment portfolio as a garden – different plants (assets) flourishing in different seasons. Your money garden may include:

• Stocks (your growth flowers)
• Bonds (your steady evergreens)
• Alternative investments (your exotic varieties)

Consider the “bucket strategy” – like organizing your pantry with different shelves for different timing needs.^[6] This approach helps you balance today’s grocery money with next year’s feast fund.

Exploring Additional Income Streams

Ready to expand your income horizons? Consider these possibilities:

• Transform your expertise into consulting gig
• Create passive income through real estate
• Share your knowledge through online courses

Stay flexible with your withdrawal strategy, adjusting as life ebbs and flows. Think of it as a dance with your money—sometimes you take the lead, sometimes you let it guide you, but always staying in step with your evolving needs.

Creating Your Healthcare Safety Net

Does the mention of healthcare costs make your heart race a little faster? Take a deep breath. Yes, the numbers can be daunting – a healthy 65-year-old woman needs approximately $165,000 for retirement healthcare expenses. But like any other challenge in life, we’ll tackle this one step by step.

Understanding Medicare Options

Medicare might seem like alphabet soup at first glance. Here’s the sobering reality: it only covers about 66% of healthcare costs.^[8] Let’s decode your Medicare menu:

• Part A: Your hospital coverage safety net
• Part B: Your everyday medical care companion
• Part C: The private insurance alternative
• Part D: Your prescription medicine helper
• Medigap: Your shield against unexpected costs

Think of Medigap as your backup plan – because Parts A and B leave gaps in vision, dental, and prescription coverage. Without Part D, those medication costs could take an unexpected bite out of your savings.^[9]

Long-term Care Insurance Planning

The numbers tell a compelling story: assisted living averages $64,200 yearly, while nursing homes can reach $116,800.^[10] As women, we face a unique challenge – we typically need care longer than men (17 months versus 12 months).^[11]

Here’s a reality check: insurance companies charge single women 40-60% more than men for long-term care policies.^[12] Consider exploring hybrid policies that combine life insurance with long-term care benefits^[13] – they might offer better value and more flexibility for your situation.

Building an Emergency Medical Fund

Think of your emergency medical fund as your healthcare safety net—you hope you won’t need it, but you’ll be glad to have it when unexpected expenses arise. Here’s how to get started:

1. Plan for potential expenses like Medicare costs, deductibles, and copayments.

2. Consider an HSA (Health Savings Account) if eligible—it offers valuable tax advantages.

3. Build a safety net by saving 3–6 months’ worth of medical expenses.

4. Keep funds easily accessible in a high-yield savings account.

Unexpected medical bills often force people to dip into their retirement savings earlier than planned. Don’t let that become your story. A dedicated medical emergency fund acts as a shield, protecting your retirement dreams while ensuring you can access quality care when you need it most.

Developing Your Housing Strategy

Remember that dream house you imagined for retirement? The one with the perfect garden and just enough space? Three out of four adults over 50 hope to stay in their current homes as they age.^[16] But here’s the question that might keep you up at night: Is your current home truly ready for your tomorrow?

Evaluating Current Living Situation

The average single person spends nearly 40% of their monthly budget on housing.^[17] Let’s shine a light on your home situation. Ask yourself these questions:

• Does your house feel more like a museum with empty rooms?
• Do maintenance bills make your stomach churn?
• Can you walk to places that bring you joy?
• Will your home still welcome you if mobility becomes challenging?

Exploring Senior Housing Options

Think of senior living communities as resort-style living with built-in friendship opportunities. These communities welcome residents starting at age 62 and offer a lifestyle package that might surprise you:

• Round-the-clock security (sleep better at night)
• Social butterflies welcome (coffee dates, book clubs, fitness classes)
• No more laundry room blues (on-site facilities)
• Goodbye home maintenance headaches
• Help when you need it (social service coordination) Consider continuing care retirement communities (CCRCs) ^[18] – think of them as your “plan for everything” solution. Yes, they require a significant upfront investment, but they could offer a better quality of life that’s priceless.

Planning for Aging in Place

The best time to prepare your home for future needs? Before you need those changes. Here’s your aging-in-place game plan:

1. Scout your home for modification needs (those stairs won’t get easier)
2. Map out your local support system (who’s nearby when you need help?)
3. Build your service provider dream team
4. Set up safety nets (emergency response systems)
5. Crunch the numbers for future care costs

Don’t overlook home-based care services for help with daily activities. Many communities have created “village” programs – imagine neighbors helping neighbors, making independent living easier.^[19]

Your housing needs will change over time. Whether you decide to modify your current home or explore community living options, focus on choices that align with your lifestyle goals and financial reality. The best housing decision is one that leaves you feeling secure, comfortable, and prepared for whatever the future holds.

Building Your Support Network

Does the thought of managing retirement on your own keep you up at night? That late-night worry is all too common for many women. Yet, here’s something worth considering: only 36% of women work with financial advisors, leaving the majority to navigate these crucial decisions without professional guidance.

Creating a Professional Advisory Team

One in five older single women credit their advisors with helping them dodge major financial pitfalls. Think of your professional team as your personal board of directors:

• A Financial Advisor (your money navigator)
• Estate Planning Attorney (your legacy protector)
• Tax Professional (your savings guardian)
• Insurance Specialist (your risk manager)
• Healthcare Advocate (your wellness champion)

Connecting with Community Resources

Women-only groups create safe harbors for sharing those middle-of-the-night worries about retirement lifestyle and identity.^[21] Ready to expand your circle? Consider:

• Social groups that spark joy ^[22]
• Volunteer opportunities (give back while growing forward)
• Single women support circles (you’re not alone) Don’t overlook your local Area Agency on Aging ^[23] – they’re like community concierges, connecting you with everything from health services to social activities.

Establishing Emergency Contacts

Think of your emergency contact system as your personal safety net. You wouldn’t walk a tightrope without one, would you? Experts recommend at least two reliable contacts in different locations.^[24]

Here’s your emergency network blueprint:

1. Choose your safety squad (pick the level-headed ones)
2. Share your vital information:
   • Medical details and insurance cards
   • Financial access information
   • Document locations
3. Keep those contacts current
4. Schedule regular check-ins

Do you want to strengthen your local connections? Host a coffee morning or join a neighborhood walk group. Research confirms what your heart already knows – women with strong social networks navigate life’s challenges more smoothly.

Remember to tend to your support network like a garden – some relationships may need pruning, while others need nurturing. Your network should blend professional guidance with personal connections, creating a safety net that catches you when life throws its curveballs.

Final Words

Does retirement planning feel like a mountain too steep to climb?

Take a deep breath—you’ve just explored the essential steps to create your healthy tomorrow. Like any meaningful journey, it starts with a single step.

Think of your retirement plan as a carefully woven tapestry:

• Financial foundations provide strength.
• Social Security strategies add security.
• Investment decisions create lasting value.
• A healthcare safety net and housing choices offer protection.
• And your support network brings the warmth of connection.

Are you ready to shine a light on your financial future? Let’s tackle those challenges together. Book a free introductory call with us—we’ve helped countless independent women turn retirement uncertainty into confidence and clarity.

Remember, the path to a confident retirement isn’t about perfection; it’s about progress. Every small step you take today shapes your tomorrow. Whether you’re just starting or refining your plan, know this: you’re stronger and more capable than you think.

Your future self will thank you for taking action now. Stay focused, stay connected, and keep moving forward. The retirement you’ve been dreaming of isn’t just a possibility—it’s within your reach.

References

[1] – https://www.kiplinger.com/retirement/retirement-saving-tips-for-single-women
[2] – https://www.bottomlineinc.com/money/financial-planning/aging-alone-financial-planning-for-singles
[3] – https://www.regions.com/insights/personal/retirement/establishing-a-plan/retirement-planning-for-single-women
[4] – https://www.aarp.org/retirement/social-security/info-2022/social-security-claims-for-singles.html
[5] – https://www.kiplinger.com/retirement/how-women-can-win-the-retirement-savings-struggle
[6] – https://www.covenantwealthadvisors.com/post/smart-retirement-planning-for-women-over-50-with-wealth
[7] – https://money.usnews.com/money/retirement/articles/8-ways-to-make-extra-income-in-retirement
[8] – https://healthaccounts.bankofamerica.com/who-will-pay-for-healthcare.shtml
[9] – https://www.fortpittcapital.com/blog/how-to-plan-for-medical-expenses-in-retirement/
[10] – https://www.kiplinger.com/retirement/managing-health-care-costs-in-retirement
[11] – https://www.forbes.com/sites/davidrae/2018/08/20/long-term-care-insurance-for-singles/
[12] – https://www.aaltci.org/long-term-care-insurance/learning-center/single-women-rates-savings.php
[13] – https://www.aarp.org/retirement/planning-for-retirement/info-2021/steps-for-singles-to-secure-reti
rement.html
[14] – https://www.bankrate.com/banking/savings/how-to-start-medical-emergency-fund/
[15] – https://www.newyorklife.com/group-benefit-solutions/employers/insights/unexpected-medical-expenses-in-retirement-planning
[16] – https://www.nia.nih.gov/health/aging-place/aging-place-growing-older-home
[17] – https://www.catholiccharities.net/affordable-housing/affordable-housing-for-seniors/
[18] – https://www.marinerwealthadvisors.com/insights/age-in-place-move-to-a-retirement-community-planning-tips-for-retirement-housing/
[19] – https://www.ncoa.org/article/senior-housing-options/
[20] – https://www.voya.com/blog/tips-to-help-single-women-struggling-to-save-retirement
[21] – https://www.nextavenue.org/womens-group-retirement/
[22] – https://singlewomanretirement.com/what-to-do-in-retirement-as-a-single-woman/
[23] – https://aging.ca.gov/Programs_and_Services/
[24] – https://excelnursingservices.com/help-your-senior-create-an-emergency-contact-plan/

Securities and advisory services offered through LPL Financial, A Registered Investment Advisor.

Member FINRA/SIPC.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. We suggest that you discuss your specific tax issues with a qualified tax advisor.

No investment strategy assures a profit or protects against loss.