Around 20% of American Baby Boomers do not have children and live alone or plan to retire alone without spouses, adult children, or close friends. This population – including Jewish Boomers who chose career advancement or fulfilling other passions instead – must devise an action plan in order to live a meaningful retirement life.
Like other older adults, single agers must carefully consider housing options, relationships, legal arrangements and finances when making life-altering decisions. As their choices can have lasting repercussions, extra care should be taken when making these important choices for the future.
If they live alone and become incapacitated, it is crucial that they draft a legal document naming someone to make medical decisions on their behalf. Such documents, known as health care proxy or advanced directives documents must be prepared by an elder law attorney so there are no questions regarding who has authority to act on behalf of them. Solo aged adults may wish to consider creating a letter of instruction directing doctors and caregivers to share information with individuals they’ve selected should they become incapable of speaking for themselves.
Planning when and how to claim Social Security benefits is another crucial aspect. Barring lengthy marriages, many boomers would do best by delaying claiming them and increasing the monthly benefit payments over time. Depending on how much savings they have accrued, consulting an accountant or financial adviser may help determine whether investing their lump sum and withdrawing later makes more sense, or taking the earliest option of drawing an annual benefit payment immediately.
Given their reduced incomes and limited savings, it is especially crucial that these individuals create a financial plan with assistance from an expert to determine how much savings are necessary to secure enough money throughout their lives. They should consult their doctor or care manager regarding long-term care insurance as an extra layer of protection against unexpected out-of-pocket expenses.
As there are numerous experts in life planning and aging available to aid solo agers with this next phase, many resources exist that can assist solo agers as they prepare to embark on this new chapter of their lives. Some professionals are working on innovative solutions tailored specifically for solo agers such as life plan communities or continuing care retirement communities; other specialists such as author Sara Zeff Geber have written helpful books such as Not Your Mother’s Retirement which offer roadmaps towards an enjoyable retirement future; in addition, several websites exist which connect Boomers with resources, advice and services which facilitate successful retirement experiences.