The Challenges of Living Alone in Retirement

Key Takeaways

• Pay off your mortgage before retirement and budget financially for home maintenance help (lawn care, repairs, snow removal) since 90% of retirees want to age in place but managing a home alone becomes increasingly difficult
• Designate a power of attorney and healthcare advocate NOW—either a trusted family member or professional—rather than waiting for the court to decide if you become incapacitated
• Plan for long-term care costs early since 70% of people over 65 need it; single retirees lack a built-in care partner, so budget separately for paid care rather than assuming family support
• Intentionally maintain social connections with family and community groups—men living alone are particularly vulnerable to isolation-related health and mental health decline
• Start retirement planning 10-15 years before you retire and incorporate aging-in-place planning into your overall financial strategy; don't attempt this alone without professional guidance