How to Plan for Retirement When Living Alone in Forney

Retiring in the Antique Capital of Texas probably brings to mind shopping in the historic downtown, hitting every antique shop and corner store. Forney is a fast-growing suburb about half an hour from the hectic business of Dallas. But it still retains a lot of the quiet rural energy that makes it feel like Forney. Faith-based community events, Forney Community Park, events at the Spellman Amphitheater, and the Downtown Tree Lighting ceremony at Christmas time. The list goes on.

These are the exciting things that many retirees planned for. What many of them didn’t plan for was living alone in retirement and the financial and physical obstacles that can bring to their daily routines. If you’re nearing retirement or struggling to keep everything organized, this guide provides tips to help you plan ahead. Pegasus Landing of Forney is an assisted living and memory care community that provides resources to families and retirees in Forney. Independence in retirement can seem like a burden at first, but the right planning can put you back in control.

Financial Steps for Independent Retirement

Retiring well starts with a clear financial picture. Stress about money often looms largest as seniors near retirement, but simple budgeting and preparation can make the process much smoother. Housing is usually the largest concern, so a good budget starts with a clear cost breakdown of rent or mortgage payments, taxes, insurance, repair costs, and upkeep (lawn care, pest control, etc.).

Next, prioritize healthcare costs, including ongoing and typical monthly costs, medications, therapy, insurance premiums, copays, dental care, and other services. Other cost-of-living and individual responsibilities related to family, legal fees, and advisory fees, should also be written down.

​Many seniors living alone in retirement can get these numbers together, but don’t know exactly what to do with them. You need a clear picture of how much it costs to live at home per month to get an idea of what your income needs to be. These steps can help you get a clearer picture of your financial readiness:

• Write down fixed monthly costs and average monthly spending
• Confirm total retirement income from Social Security, pensions, and savings
• Add healthcare costs, including premiums and prescriptions
• Review long-term care costs and any other projected costs
• Create or update your will, power of attorney, and healthcare directive
• Keep important documents like tax forms and the house deed in an obvious place
• Set aside an emergency fund that can cover the cost of three to six months of expenses
• Find local long-term care insurance advice and learn about potential VA benefits
• Speak with a financial advisor to check your financial retirement target

Key Takeaway

Many seniors are unaware of the value of their assets, their real projected income after retirement, their total monthly responsibilities, and the costs of their medical care. This can make retirement, especially when living alone, seem more daunting than it really is. These questions can give you a starting point for figuring out your own situation.

This article is not intended to replace financial advice. Speak with a financial advisor when appropriate to advise on your individual retirement situation.

Long-Term Care for Independent Retirement

Finances aren’t the only things that seniors preparing for retirement worry about. You also have long-term care to consider. For many, this is the most difficult thing to plan for because everyone’s situation is different, and many prefer not to confront the possibility that they could need extensive care.

​However, a clear long-term care plan can help make the process easier while preventing future care needs. This can start with communicating your retirement goals to physicians and financial advisors, giving a spare key to a trusted neighbor or family member, scheduling a regular weekly visit with a family member, or buying a wearable medical alert device.

None of these steps mean that it’s time to move to a community right away, and not everything needs to be done in one day. However, planning for greater care needs down the road can help you enjoy retirement now, with a healthy dose of preparation as a fallback if things change.

This article is not intended to replace medical advice. Speak with a physician about your individual care needs.

Social Life for Independent Retirement

One of the hidden costs of living alone in retirement is the toll it can take on your social life. Studies have shown that feelings of isolation and loneliness can lead to depression and even physical outcomes, like a higher risk for heart disease and cognitive decline. Staying active and social may be easier at an established senior living community, but many recent retirees aren’t ready for that yet.

For seniors living alone in Forney, positive social changes can start with small things. You can set up a weekly coffee date with a friend or family member, find a volunteer event you enjoy, join an exercise club or another hobby, or take a class at a local college.

Key Takeaway

​Many seniors living alone in retirement focus on medical needs and financial planning, while their social life has less and less time to breathe. Eventually, they may find themselves in long stretches without contact with family or friends as other needs fill their schedule. Setting up regular routines can ease the pressure of doing everything alone.

Frequently Asked Questions