Of the 96 million unmarried adults in the United States, more than half are over 40. With no spouse to rely on, single boomers need to take extra precautions to ensure they are prepared for retirement, writes David Carpenter for the Associated Press. Boomer women need to take special care, due to their longer life expectancies, to build their assets.
Carpenter cites data from the American Academy of Actuaries which shows that without someone to share the costs of housing and other expenses, the cost of living for single retirees is about 40 percent higher than couples. What’s more, single people tend to wait longer to get financial help.
“It’s still mostly couples who seek retirement planning, but more singles are starting to come forward,” Carpenter quotes Eleanor Blayney, consumer advocate for the non-profit Certified Financial Planner Board of Standards.