You may not have planned to retire as a single person (or maybe you did), but if you are facing retirement soon, you'll need a strategy.
According to a study by the Nationwide Retirement Institute, 25 percent of single investors say they did not plan to be single in retirement. Only 9 percent said they enjoy the independence of being single in retirement.
The same study found that a third of single investors say they experience more hardship compared to people with partners and the older the single investor the more likely the hardship.
Here are considerations as you approach retirement:
* Be a smart spender. Cut where you can and focus on building an emergency fund.
* Retire as late as possible to maximize your Social Security earnings.
* Maximize your money. Make the maximum contribution to 401(k) or IRA accounts. Build a diversified investment portfolio. Don't just park your money in a savings account.
* Plan for your lifestyle.
At some point, long-lived people find themselves without family and lifelong friends. If you have no name to put on the "emergency contact" line on a form, you'll know it is time to find social situations — and consider long-term care solutions. You'll need an estate plan and someone to make decisions for you should you be unable to do so yourself.
