Aging with purpose: How women can build a solo retirement with clarity and confidence

More American women are retiring solo than ever before and redefining what financial independence looks like. Some arrive there by choice. Others get there through divorce, widowhood or the unexpected turns life takes. Whatever the path, women who intentionally plan for their financial future can build financial freedom on their own terms in a way that reflects their unique values, goals, lifestyle and legacy.

The solo life is no longer an exception

The numbers tell a clear story that solo retirement is no longer an exception. About 24 million Americans aged 50 and older now live alone, including one in three older women, according to AARP.

Women live longer than men and are less likely to remarry after divorce or the death of a partner. Gray divorces are rising, and a growing number of younger women are choosing to marry later, or not at all.

At the same time there’s another important trend happening that I’ve observed accelerating throughout my career: women of all generations are demonstrating exceptional financial acumen as they define the purpose of their wealth in their role as the architect of their financial destiny.

Why single women should prioritize financial planning now

With American women’s average life expectancy at 82 years, and many living well into their 90s, some women may experience 30 years of living in retirement independently. Families tend to be smaller and more geographically dispersed, which means informal support networks are harder to sustain.

But it’s not a stage of life to be feared. Whether planning for housing or healthcare in retirement or managing an inheritance, there are key steps to take to prepare for the opportunities and challenges ahead.

Important steps to prepare for aging solo

• Make sure you have an adequate emergency fund. Start with three to six months of living expenses in an accessible liquid savings account. This safety net provides the confidence to weather unexpected challenges without disrupting long-term investments.

• Create a budget that works for you. Tracking income and expenses clarifies where your money goes each month, which supports intentional choices, especially during life transitions.

• Assess your complete financial picture. If you are newly single, take stock of your assets, debts and insurance coverage, and identify any needed legal documents.

• Invest in retirement savings. Maximize contributions to retirement accounts such as 401(k)s and IRAs. Even modest contributions often benefit from compound growth and a company match over time.

• Protect your assets. Review life, disability, home and long-term care insurance coverages. Make sure estate documents and beneficiary designations reflect your wishes, including charitable giving.

• Invest wisely. Build a diversified portfolio aligned with your risk tolerance and time horizon. For women near or in retirement, investments, Social Security and other income sources should work together as a single-income strategy.

• Build your circle. Wherever you plan to retire, start building your network now. Join community groups and consider cohousing communities or places with active adult communities. The goal is independence with connection built in.​

The confidence factor

One major move to take that can help with all those steps is working with a financial advisor to help navigate this major life transition.

Ninety percent of women with a financial advisor have a financial plan, and those women consistently report higher confidence in their retirement outlook, according to RBC Wealth Management’s recent Women & Wealth survey.

The survey also found that 81 percent of women anchor their sense of wealth in “inner wealth,” integrating personal well-being with financial success.

For single women, a financial plan grounded in those values can help create a life of clarity, choice and enduring confidence. With the right preparation, solo retirement can be a chapter of real freedom and purpose.

This article originally appeared on Forbes.com .

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