10 Expenses You Should Plan For If You'll Be Retiring Solo

Whether by choice or circumstance, some folks are going to retire alone, and that can add unexpected and unique expenses for which solo retirees should plan accordingly. Avoid money mistakes by learning about the realities of retiring on your own and making a plan so you can enjoy your golden years while single.

Retiring solo can be fulfilling, but it does come with a different financial landscape. Retiring couples are able to share costs in their partnership, while single retirees need to plan for covering all expenses alone, which means proactive planning is a must.

Learn about common differences in financial planning for solo retirees.

A significant number of retirees consider traveling a top priority for their golden years, and being single doesn't have to change that — but it may require different considerations than traveling with a partner.

Many companies offer specialized travel options for seniors traveling alone, which can provide opportunities for socialization while still allowing for the benefits of solo travel. It can be more expensive to travel alone, though, as single-occupancy fees or per-person rates can be higher than booking as a couple.

Even the biggest of introverts needs social interactions. You can enjoy your alone time all you want, but it's still going to be necessary to have some social outlets to maintain a balanced and healthy life.

Given that most social experiences have associated costs, it's essential to allocate spending room in your budget for hobbies that keep you occupied and engaged with others. Whether that's taking classes for something you always wanted to try or joining a group that coordinates activities together.

Some also find "micro-relationships" to be a helpful part of retirement, which means taking the time to really engage with people you see regularly, such as cashiers, mail carriers, dog-walkers, etc.

One of the coolest things about modern society is that you can pay someone to do just about anything you can't (or simply don't want to) do yourself. Whatever you need, there's probably an app for that.

Shopping errands can be delivered if you're not up to running out for them yourself. Transportation can be summoned with a few phone clicks if you aren't up to driving yourself. Long-term planning will probably require in-home assistance at some point in retirement, so it's important to have funds saved to cover the added expenses of hiring help.

The National Institute on Aging provides information and resources for different kinds of assistance that may be needed through the aging process, including typical pricing, so you can budget in advance.

Basic housing options have a higher per capita cost for singles. On average, housing costs those living alone roughly $7,000 more per year than those who have the option of splitting the bill with another.

This is often colloquially called a "singles tax" and can often have a larger disparity in major metropolitan areas like New York City, San Francisco, Miami, Boston, etc. If you're going it alone, you may want to consider smaller towns to keep the cost of living within budget.

Those living alone are used to doing everything themselves, but it only takes one unexpected accident to bring things to a screeching halt. An illness or injury with a long recovery period can instantly turn a self-sufficient retiree into a homebound recluse who can't keep up with basic cleaning, and friends and family may not be able to pick up the sudden slack without warning and time to plan.

Make sure you have sufficient funds to budget for things a partner would normally take care of while you are incapable, such as cleaning, pet care, and delivery options. Keep in mind that some emergencies qualify for a penalty-free withdrawal from retirement funds, such as natural disasters or domestic violence.

Married couples have a built-in de facto decision-maker in the event of an emergency, but singles need to have a backup plan. Choosing a trusted person to make decisions for you in the event you are incapacitated should be something carefully considered, and then written into formality by a legal professional.

The bad news for solo retirees is that the Social Security system is designed to benefit people who are married. Single people have nine filing options, compared to married couples, who have 81 different filing approaches to maximize their payouts.

Everybody should have end-of-life arrangements in place, regardless of marital status, but it can be even more important for those without a spouse to handle it in the event of unexpected misfortune.

Single folks should make sure they have a will in place that specifies who gets what assets, funeral plans, and outlines what medical resuscitation is appropriate for different circumstances.

Most long-term care is provided by spouses or children. Single folks may not have that option, but can opt for insurance that will cover things like in-home care, assisted living facilities, or memory care units. Many long-term care insurance policies offer concierge services that will assist in locating providers and arranging care on your behalf.

Annuities are just about the only retirement product that favors singles over couples. Single-life annuities have a higher payout per year, comparatively, and can be an asset to those retiring alone who won't have to consider complicated inheritances for those they leave behind.

Life without a partner isn't the same thing as a life spent alone. Americans in particular tend to prioritize romantic relationships over all the other kinds of human connection in a way that isn't necessarily beneficial to social and emotional well-being.

Those who are already well acquainted with the realities of living alone are less likely to face surprises about such in retirement than those who may have initially planned to retire as a couple. It's important to revisit your retirement and financial planning if that's a changing situation, so that you can have a stress-free retirement — or maybe even retire early.