Planning for Retirement as a Single Person

Robin Zenger has saved diligently and lived within her means for her entire life. When she was in her forties, she began taking a serious look at her finances to set herself up for a secure retirement. That's a smart strategy for anyone, but it's particularly important for people like Zenger, who is single and has no children.

Aging presents uncertainties for everyone, but single, childless seniors are missing the backup that many people take for granted: a spouse or adult children who can step in when needed. Many of the usual basics of saving, investing and long-term financial planning apply to those aging without a life partner or adult children, but they also need special strategies for retirement saving, health care and estate planning.

Because of declining birth and marriage rates, caregiving family members will likely be in shorter supply for baby boomers and the generations that follow than in the past. Today, about half of American adults are married, a dramatic decrease from the 72% of adults who were married in 1960. In 2016, roughly 9% of those who were 50 or older had never married, according to the U.S. Census. And about one-third of baby boomers don't have children. Still others will age alone for other reasons, including the death of a spouse, divorce, or children who are estranged or unable to help.

"Coming of age in the '70s, I saw a lot of independent women and was keenly aware that I needed to be able to provide for myself," says Zenger, 67, who is an adjunct history professor at the University of Arizona. Although she's mostly optimistic about the years ahead, Zenger is still figuring out how she'll navigate them without a built-in support system. Her strategy for this mammoth task? Live modestly, continue to work, invest, take good care of her health--and check in periodically with a financial adviser to make