How Single Women Can Prepare for Long-Term Care With Confidence

Article Summary

• First Single women aging alone face unique challenges related to more limited financial resources to tap into when it comes to retirement.
• These women need to consider the rising cost of long-term care as they review their retirement plans and goals with their financial advisor.
• It is never too early for single women aging alone to find a trusted financial advisor and begin planning for their retirement and long-term care.

Long-term care planning for women takes on a different level of importance for single women. Being single means there’s only one person to blame for the crumbs on the counter, but it also means women are completely independent when it comes to their finances, which carries with it pros and cons, particularly later in life.

In order to maintain as much independence as possible, many single women choose to consider financial planning as well as preparing for the care they might need to one day tap into. Part of that planning involves building and maintaining a supportive network, in addition to preparing a framework of legal and financial arrangements in advance. 

Planning may help support a woman’s independence when decisions have to be made. Finances can be an important part of long-term stability, from both a financial and a healthcare standpoint. It’s the reason why, at Svvy, we connect women with female-vetted financial professionals who understand the challenges women face.

Financial Planning For Aging Alone

Statistically speaking, women usually live longer than men. That means, at some point, it is more likely that a woman will lose a spouse and be on their own for at least some period of time. Living alone means fewer support systems in the home, but it also paints a different financial picture. 

As the cost of long-term care continues to rise, at a faster pace than income growth, long-term care planning for single women may become a higher priority for some. Beyond simply living alone, there are other factors that impact a single woman’s financial foundation.

It isn’t uncommon for women to scale back their working hours as they age to care for another family member or themselves, which diminishes their Social Security and retirement potential. If or when in-home care is needed, women often bear the financial burden of that cost. And single women typically rely on a single source of income, which means their earnings may be less than those of a two-earner household.

Coupled with the fact that women usually live longer, their retirement accounts need to stretch to cover longer periods of non-working years.

Long-Term Care Advisor For Women

It is easy to see why single women may choose to consult with a financial expert about long-term care funding considerations. Women over the age of 50 who are living alone or who have been living alone for some time are more financially vulnerable as life events take a toll. 

Svvy matches women with female-vetted financial professionals through its platform and any advice is provided solely by the matched financial expert engaged. Many women aging alone find that working with an experienced financial advisor gives them more confidence about their future. When financial plans are in place for long-term care, it may help clarify options during stressful periods, especially in times of crisis. 

Identifying and organizing available resources, be they retirement assets, inheritance or alimony, can be important steps for long-term planning. With historically fewer, less valuable resources to tap into, some single women prefer additional support as they plan for the years ahead. 

If you would like, Svvy® can connect you with a financial expert based on the information you provide. 

Disclosure: This content is provided for general educational purposes only and does not constitute individualized investment, legal, or tax advice. Svvy® acts solely as a solicitor and connects and matches individuals with independent third-party financial professionals through a quiz-based matching process on the Svvy® Network (e.g., registered investment advisers and/or broker-dealers, as applicable). Matching is based on information provided through Svvy’s platform and does not constitute any advice. Any advice, recommendations, and services are provided only by the independent professional you choose to engage.