How to plan for retirement when you are on your own
The Straits Times|October 13, 2024
For Ms Sara Zeff Geber, the "aha moment" came a few years ago as she listened to a friend recount all the tasks she was taking on to help her increasingly frail 91-year-old mother.
How to plan for retirement when you are on your own

Ms Geber, now 74, realised that there was no obvious person to turn to if she and her husband needed a hand as they grew older. "Who is going to do this for us?" she wondered. The disquieting answer: "No one."

Solo ageing - people growing older without reliable support from adult children or other relatives - has become increasingly common, largely because baby boomers and Gen Xers, by choice or circumstance, are childless at about twice the rate of previous generations.

In the United States, about a third of people 50 and older now live alone and do not have children, are estranged from their children or cannot depend on them or other family members for help. Millions more who, like Ms Geber, are married without children, will also eventually be on their own after a spouse dies.

These solo agers face many of the same planning issues as older adults with children - figuring out how they will manage their future care if their health falters, where they should live and how to make their money last. But their different circumstances often warrant different solutions.

"The lack of an easily identifiable default person to step up if you need help means solo agers have to approach retirement planning with an extra layer of intentionality and urgency," said Mr Rob Lyman, president of Johnson Lyman Wealth Advisors, a wealth management firm in Los Altos, California.

If you are a solo ager or might be one day, experts recommend you begin thinking about your options as soon as possible, before a crisis hits. "You cannot plan for every eventuality," said Ms Geber, who now has a support system in place, and after years as a management consultant has made a second career as a solo ageing consultant. "But you can ensure your most urgent needs are covered."

PICK YOUR PEOPLE

This story is from the October 13, 2024 edition of The Straits Times.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the October 13, 2024 edition of The Straits Times.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM THE STRAITS TIMESView All
The Straits Times

Touring exhibition of graffiti artist Banksy to open in Singapore in December

The guerilla-style political art of anonymous graffiti artist Banksy, which has popped up on streets in cities worldwide, will finally grace vandalism-tough Singapore this December—albeit indoors.

time-read
1 min  |
November 07, 2024
The Straits Times

Bag brand Aupen's founder is former national swimmer Nicholas Tan

The Singapore-founded bag brand Aupen has been seen on the arms of pop superstars Taylor Swift, Lady Gaga, and Beyonce, but the team behind the trendy label has largely kept a low profile—until now.

time-read
2 mins  |
November 07, 2024
The Straits Times

Music from Bridgerton in upcoming concert

Fans of the Netflix historical romance series Bridgerton (2020 to present) are in for a treat as songs from the hit show will be performed in Singapore.

time-read
1 min  |
November 07, 2024
Travel news Travel discounts at Trafalgar Tours' showcase
The Straits Times

Travel news Travel discounts at Trafalgar Tours' showcase

From Nov 6 to 10, Trafalgar Tours, a brand under travel company The Travel Corporation (TTC), is holding its first travel fair at the level one atrium of shopping centre Plaza Singapura.

time-read
1 min  |
November 07, 2024
Musical Six retells stories of Henry VIII's wives in pop-concert style
The Straits Times

Musical Six retells stories of Henry VIII's wives in pop-concert style

Divorced, beheaded, died, divorced, beheaded, survived - this is how most people remember the six wives of 16th-century King of England Henry VIII.

time-read
3 mins  |
November 07, 2024
Nafa's hopes of building a print archive
The Straits Times

Nafa's hopes of building a print archive

The acquisition of a collection from Typesettingsg, Singapore's only letterpress heritage studio, has increased its holdings by about 10 times

time-read
3 mins  |
November 07, 2024
Brotherly bonds cut deeper than blades
The Straits Times

Brotherly bonds cut deeper than blades

Psychological thriller Pierce offers a bracing portrait of how young men seek out and cling to male role models

time-read
2 mins  |
November 07, 2024
Thousands of girls sold and forced into sex trade in India
The Straits Times

Thousands of girls sold and forced into sex trade in India

West Bengal a key trafficking hub, with more than 50,000 girls missing

time-read
3 mins  |
November 07, 2024
Dua Lipa gets Singapore crowd 'levitating'
The Straits Times

Dua Lipa gets Singapore crowd 'levitating'

The words \"training season's over\" flashed on the screen as British-Albanian singer Dua Lipa took the Singapore Indoor Stadium stage on Nov 5 to kick off her Radical Optimism Tour.

time-read
2 mins  |
November 07, 2024
4 movies, 2 islands
The Straits Times

4 movies, 2 islands

Singapore film-makers look to Taiwan for funding, hands-on support, cultural kinship

time-read
6 mins  |
November 07, 2024