Feb 16, 2025
It's an unfortunate thing that many older Americans end up experiencing feelings of loneliness. The National Poll on Healthy Aging found that in 2023, 34% of adults aged 50 to 80 reported feeling isolated from others.
But what if you’re actively trying to self-isolate a little bit during retirement? That’s not such an unusual thing, especially if you’re in the early stages of retirement and you’re coming away from a career that had you constantly meeting people and mingling.
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When you work, you can almost have a little too much human interaction, especially if your profession requires you to attend social events regularly (like say you’re in sales).
So if you’re 62 and newly retired, it’s not so unusual to find yourself craving alone time. And it’s not necessarily a problem — in moderation.
But too much alone time could have consequences. Here are some of the financial and emotional costs of leaning into all that “me time” you’ll want to consider.
Higher living costs
Retirees aged 65 to 74 have a median savings of $200,000, according to the Federal Reserve. Using the 4% rule, that amounts to $8,000 in annual income, or about $667 a month. Add that to the average monthly $1,976 Social Security benefit, and the total is $2,643.
That’s a pretty modest sum of money to live on. And it’s a hard sum to live on alone.
If you don’t have someone to share expenses like housing and utilities with, you could end up struggling to cover your day-to-day costs.
And even if you have more savings than the typical senior, the more costs you have to bear alone, the less money you’ll have left over to pay for things like hobbies and entertainment.
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Higher health care costs
Being on your own in retirement could have an impact on your health — even if it’s not an obvious one.
AARP found that a lack of social contact among older adults is associated with an estimated $6.7 billion in additional yearly Medicare spending.
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Meanwhile, a 2017 report by the National Institutes of Health found that lonely Medicare beneficiaries spent $153 more per month than their non-lonely counterparts. And isolated Medicare enrollees spent $220 more per month than seniors who didn't feel isolated.
As it is, the average 65-year-old who retired in 2024 is expected to spend $165,000 on health care costs in retirement, according to Fidelity. But being on your own too much could add to that number in a sneaky way.
Having to navigate big decisions without input
A recent Thrivent survey found that 38% of baby boomers lack financial confidence. And 27% of baby boomers are more likely to turn to friends and family for financial advice than a professional.
If you don’t spend enough time with other people, you might miss out on the opportunity to pick their brains and get much-needed guidance.
Retirement can be a financially tricky period of life, so it may be helpful to hear how your peers are managing their money. Those conversations are harder to have when you’re off doing your own thing all the time.
Read More: Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
Loneliness
It’s natural to want alone time during retirement. But if you aren’t careful, too much time on your own could suddenly leave you feeling out of the loop.
A 2024 Transamerica survey found that 17% of retirees today feel isolated and lonely. So you may want to make a point to spend time with friends, neighbors and family members at least a few hours a week early on in retirement, even if a big part of you craves alone time. If you get into the habit of spending too much time solo, the people you’d normally socialize with might write you off, leaving you without company once you start to want it back.
Not having a support system
While spending time alone can be fulfilling and liberating, you may reach a point where you risk losing your support system. And that could have a number of negative consequences.
The people in your network are the ones you might turn to when you’re struggling with home maintenance or need a ride to a doctor’s office. They’re also the folks who might provide care when you’re recovering from an illness or procedure. Having a network to support you not only gives you peace of mind, it can save you the expense of having to check into expensive rehabilitation or nursing home facilities.
This isn’t to say that the people who care about you will abandon you because you opt to spend a chunk of your time alone. But make sure to strike a balance so the people you count on the most continue to feel important. And on the flipside, make it clear that your desire for alone time isn’t about them, and continue to step up when they need you.
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Maurie Backman has been writing professionally for well over a decade. Since becoming a full-time writer, she's produced thousands of articles on topics ranging from Social Security to investing to real estate.
