According to The Wall Street Journal, 35% of 50-54 year olds were single in 2011, compared with 29% in 2000. With more baby boomers entering their golden years on their own, retirement planning becomes even more important and challenging. Living costs for singles in retirement will be 40-50% higher than costs for couples. With most couples having two incomes, amassing more wealth and savings is easier than it is for singles – who have to bear the burden alone. That is why, according to the Census Bureau wealth study, the median net worth for married couples is about four times higher than that of singles. With no economic resources from a partner to fall back on, health problems and job loss packs a more powerful punch for single people.

If you find yourself in the single category and love your independence too much to give it up, here are some tips to get you in shape for retirement:

Saving Tips for Singles

Don’t let these statistics or the stigma of being single get you down. Instead, use them as a wake-up call to secure your future. And just think – at least you don’t have to argue with anyone about their bad investments or how much you should be saving.

Carrie Robertson
Research & Community Education

Chicago Skilled Nursing
Chicago Senior Living

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