Single retirees face challenges that their paired up peers don’t, according to a new BMO Retirement Institute report.
Among those age 65 and older, 47 percent of women and 18 percent of men live alone, according to U.S. Census data. However, how a person becomes single in retirement may determine the degree to which retirement is a struggle.
who are “ever singles” — those who have been single their whole lives — are at risk because they’ve likely been under-saving their whole lives
, according to the report. Yet, the married person who is relying on their spouse to handle their finances is most at risk if they suddenly find themselves alone, the study found.
The BMO report said single retirees should consider having a roommate or living communally in what it refers to as the “Golden Girls solution.” This reduces cost and likelihood of depression, the report said.