I'm 50 years old, single and want to live my best life in retirement — will it cost a lot more to go it alone?

Why it can costs more to retire solo

If you’re single and living alone, you can’t split the costs of housing, utilities, groceries and other bills. You also don’t have access to spousal workplace benefits, nor can you share tax benefits. Plus, in retirement, you won’t be able to share a spouse’s Social Security benefits, savings or pension. As a result, you’ll likely pay more toward expenses alone in retirement than those in a dual-income household.

When your expenses are higher, it can be harder to save, too. And it can be even harder for single women. That’s because women working full time still make less money than men in the U.S., earning $0.84 for every $1 earned by men as of 2022, according to Census Bureau data.

Making less money relative to men and also being more likely to leave the workforce during child-rearing years, women also typically have a lower Social Security benefit. As of December 2023, the average monthly benefit for a retired man was $2,159.18, while the average benefit for women was $1,729.13, Social Security Administration data shows. This is compounded by the fact that life expectancy for women tend is nearly six years longer than for men, according to the CDC’s National Center for Health Statistics.

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Factors that singles need to consider

Planning for retirement as a 50-year-old single person begins pretty much the same as anybody else. Start by calculating your monthly living expenses (rent, bills, vehicle payments and incidentals) and consider which of those will change in retirement. Will you have paid off your mortgage? Do you have medical costs that won’t be covered by Medicare?

As a single person, you will be responsible for covering the entire household budget, so the numbers you crunch for your retirement will reflect that. If you have children (even if they’re adults), it may be harder to set money aside if you’re still supporting them. If you’re divorced, you may need to factor in child support, alimony payments and the splitting of any shared retirement savings.

Another major consideration is health care. Many couples can rely on their spouse as a caregiver, at least initially, if their health fails. Singles don’t have that option. You’ll need to plan for the possibility of caregiving, such as assistance with daily living or long-term care costs. You may want to consider opening a health savings account or purchasing long-term care insurance.

Overcoming financial challenges

Many financial advisers recommend saving 10% to 15% of your pre-tax income for retirement. If you’re single, you may want to put at least 15% aside, while maximizing contributions to tax accounts whenever possible (such as a tax refund or job bonus).

You could also consider working longer and delaying retirement to continue building your nest egg. The longer you delay taking your Social Security benefit, the larger that benefit will be. In addition, take advantage of 401(k) employer matching if it’s available to you. If you’re able to pay off your mortgage before you retire, then you’ll reduce one of your largest expenses in retirement.

Another strategy for singles? You may want to consider getting a roommate (maybe even one of your grandkids), sharing a home with a friend or family member, or even renting out your basement to make some extra cash. That could help you benefit from some of the cost sharing that couples enjoy. It may also be worth sitting down with a financial planner so you can chart a path to living your best solo life in retirement.