Single people and retirement

Audaxer

SMcGill said:

It is definitely tougher financially for single people than it used to be.

I’ve definitely felt the pressure of having sole responsibility for funding my retirement … one income, one savings, one SP etc. and I suspect that’s led me to holding a bigger ‘buffer’ than couples (proportionately).

Then again I don’t need to worry about anyone else’s future financial security when I do eventually shuffle off. I helped my daughter onto the property ladder years ago and now she’s self-sustaining so no inheritance needs either.

Would you still not want to leave an inheritance for your daughter?

Lifematters

SMcGill said:

And I plan on adopting a rescue dog

Dogs are great, but they can be restrictive on your freedom to just get up and go places. Just something worth keeping in mind

 A compromise would be to foster dogs from your local shelter as you are then not restricted on holidays, going away etc. Also great for those that love to have the company of dogs from time to time but are financially restricted, as the shelter pays for all food, bedding and vet bills while dog is in foster. 

finance101

My position is somewhat different- late forties, never married, no children, full time work across a number of countries and now thinking about the next phase. I don’t necessarily want to retire imminently but I want work to play a smaller part in my life. 

I’ve accumulated a good pool of assets in and out of pension funds alongside a mostly complete NI record and some small DB income. 

I think the comment made before about buffers and expense of being alone is very valid. The awareness that there is no other resource to fall back on is quite high for me, in terms of money or a person. Having a couple of anti social months to save cash probably looks more appealing with someone else there! A lot of the things I like doing are quite solitary. I do a hobby that will involve travel and where it’s possible to travel alone and participate in a group which I hope to do a lot more of. I also have a young dog and so she will factor into the plans too.

that sounds quite bleak and it doesn’t feel it! I have. Lots of friends and hobbies and I look forward to more time! But I do think we as singles have to have more buffers against the challenges than perhaps couples do. Although knowing with certainty that your decisions drive your outcome and that someone can’t leave with half the planned assets makes things easier!

Brie

I sometimes envy those who are single and don't have to depend or be depended on.  I hope that I would be sensible about things if I was single, that I would socialise and not be a recluse, go to work for money or for love (probably of cats) and acquire an air of mad aunt to the few nieces and nephews that I've been presented with.  (all now in their 20s and so finally interesting)

I'd have to figure out who to assign duties to one might normally give to a spouse.  Beneficiaries of stuff, executor of will?  POA??  How does one notify distant family and friends of whatever (severe illness/accidents/death) if there's no one close??

As it is I still have my OH (not under the patio, well, not yet) who has no income but does have opinions but rarely makes decisions.  It's all a challenge but just in different shades.

bostonerimus

Brie said:

I sometimes envy those who are single and don't have to depend or be depended on.  I hope that I would be sensible about things if I was single, that I would socialise and not be a recluse, go to work for money or for love (probably of cats) and acquire an air of mad aunt to the few nieces and nephews that I've been presented with.  (all now in their 20s and so finally interesting)

I'd have to figure out who to assign duties to one might normally give to a spouse.  Beneficiaries of stuff, executor of will?  POA??  How does one notify distant family and friends of whatever (severe illness/accidents/death) if there's no one close??

As it is I still have my OH (not under the patio, well, not yet) who has no income but does have opinions but rarely makes decisions.  It's all a challenge but just in different shades.

Being single and retired does have many practical implications. There's no one to pick you up at the airport or drive you back from the garage when you drop your car off to be fixed. You have to be comfortable going to the cinema and theater alone. I enjoy going to the coffee shop alone, but don't go to the pub without a friend as I think that would make me a "sad old drunk". I have appointed one of my nieces as my executor, but I've paid a lawyer to set everything up and they will help with the estate once I'm gone. I'm also giving money away faster than I would do if I had a partner.

There are also psychological implications to being alone and I think some people would find it difficult. I've lived alone for 25 years (since my divorce) and I enjoy my own company so I think it would actually be difficult to have to share daily life with someone. That might have been one of the reasons for the divorce. I have good friends, but I don't have to spend time with them every day...and I'm glad of that.

finance101

As in most aspects of life, there are pros and cons to both! You do have to think more about the admin and the what ifs, I think, as a single
person. But I also find the idea of someone being here the whole time unappealing, and I confess I would be wary of tying my financial safety to someone else, having spent a long time being self reliant. I’m not used to having or being dependent and I would struggle with that I think. 

marycanary

Audaxer said:

marycanary said:

In many ways I have been very lucky, my children are healthy, they have jobs and homes of their own. and I have grandchildren. I am mortgage free, with no debts and a good DB pension. I intended to retire at age 60 when I should have an annual pension of £33k, a small SIPP of about £45k and other savings/investments of about £110k. My ambition is to travel because this is something I have not had an opportunity to do.

You should have a very comfortable retirement with that amount of DB income alone. When you get your State Pension you will be in an even more comfortable position. I would recommend checking your State Pension forecast if you have not already done so, as you could find that you may need to make some voluntary NI contributions once retired to reach the maximum amount for the new State Pension.

Hi, 

I have checked and I need one more year to reach the maximum. So I should be Ok once I have worked a few months in 2022/23

marycanary

MovingForwards said:

Have you read this one:
https://forums.moneysavingexpert.com/discussion/6228191/how-much-to-live-on/p1

There's a right mixed bag of people.

 I have read it in part, some people seem to live happily on very little. In fact, some have a downer on this Board and people with high levels of pension savings.

zagfles

bostonerimus said:

Brie said:

I sometimes envy those who are single and don't have to depend or be depended on.  I hope that I would be sensible about things if I was single, that I would socialise and not be a recluse, go to work for money or for love (probably of cats) and acquire an air of mad aunt to the few nieces and nephews that I've been presented with.  (all now in their 20s and so finally interesting)

I'd have to figure out who to assign duties to one might normally give to a spouse.  Beneficiaries of stuff, executor of will?  POA??  How does one notify distant family and friends of whatever (severe illness/accidents/death) if there's no one close??

As it is I still have my OH (not under the patio, well, not yet) who has no income but does have opinions but rarely makes decisions.  It's all a challenge but just in different shades.

Being single and retired does have many practical implications. There's no one to pick you up at the airport or drive you back from the garage when you drop your car off to be fixed. You have to be comfortable going to the cinema and theater alone. I enjoy going to the coffee shop alone, but don't go to the pub without a friend as I think that would make me a "sad old drunk". I have appointed one of my nieces as my executor, but I've paid a lawyer to set everything up and they will help with the estate once I'm gone. I'm also giving money away faster than I would do if I had a partner.

There are also psychological implications to being alone and I think some people would find it difficult. I've lived alone for 25 years (since my divorce) and I enjoy my own company so I think it would actually be difficult to have to share daily life with someone. That might have been one of the reasons for the divorce. I have good friends, but I don't have to spend time with them every day...and I'm glad of that.

You don't necessarily get all those things if you're a couple! We have one car between us, so will walk or get PT back from the garage, airport etc. I'm used to travelling on business so have no fear of going to a pub, restaurant or cinema alone. Especially cinema, as that's not a social event, you're watching a film not chatting! Really, nobody cares if you're on your own, they don't look at you like a sad old drunk or whatever, what's really sad is to deny yourself stuff because of what other people might think!

I still travel alone a lot, as there's a lot of places I want to see which my wife (and friends) have no interest in.

As far as retirement planning goes, all couples should plan for being single anyway, as it's highly likely that one of you will spend some of your retirement on your own for obvious reasons.

SMcGill

Would you still not want to leave an inheritance for your daughter?

I would like to but feel no pressure to do so. I ‘loaned’ her £100,000 of my retirement savings so she could buy a flat for £230k which she sold 9 years later for £365k. My retirement strategy includes releasing equity from my house if I need to, but if I don’t then she will get whatever is left.

Like others who have posted, after many years as a happy singleton I have no fear of remaining so in retirement and think I might struggle to make some of the compromises that coupledom demands. Even when in a relationship I’ve always been independent (feral, some would say )