For many, being single has its benefits. But when it comes to retirement, you need to go into it with eyes wide open and a realistic plan.

Not everyone is married, has a partner, or has children. Some people end up alone in retirement because of losing a spouse, getting divorced, never marrying, or choosing not to have kids. This is becoming more common nowadays.

In 2022, according to Statista, there were approximately 1.04 million women aged 75 and over living alone in the United Kingdom, compared with 745,000 men in this age group.

And women in particular need to make retirement planning a priority. Reason being, you may have smaller pension pots due to being out of work raising children or simply earning less as a result of the gender pay gap.

The Best Bits about Solo Retirement

Retiring without a partner or children may feel lonely and frightening to some people, but for others, it means enjoying the freedom of independence. In this situation, you get to make decisions for yourself, travel whenever and wherever you want, and have fewer financial worries.

Single retirees are also likely to have fewer financial burdens along the way and are able to build a bigger nest egg. Even though you may not have a partner to share household expenses, a solid middle-class income can support a single person comfortably.

Non-parents are also able to save without the expense of raising a child or paying for university tuition.

Find out more at www.joslinrhodes.co.uk/retirement-planning/single-and-ready-to-retire/