What we plan for ourselves isn’t always what life plans for us.
Mansi, 50, was preparing for a peaceful retired life with her husband who had taken early retirement. But his sudden death means she now faces retirement alone.
She is among a rising number of Indians entering their golden years solo—due to death, divorce, or by choice. With more young people choosing to stay single, this unspoken reality requires far more rigorous planning.
Traditional retirement plans often assume shared living and shared support. For solo retirees, the financial and social needs are different. Mansi’s daughter lives in the same city—but not close enough to be involved daily. Besides, many older adults today want independence, not dependence on children.
Losing a partner often means rebuilding an entirely new social circle. Singles may be unintentionally left out of couple-centric activities or friends might drift due to different priorities. Money spent on social engagement, hobbies and activities becomes necessary—and should be factored into the budget.
Living costs don’t automatically shrink when one becomes single. Housing, utilities, healthcare, transportation and everyday expenses remain nearly the same—only now there’s no one to share the cost or workload. That may mean added spending on domestic help, home security systems or health services. Budgets tighten, making financial planning crucial.
Money management stress
Many solo retirees have never fully handled finances. Suddenly, they must oversee expenses, investments, insurance and taxes on their own. With conflicting opinions from family, advisors and social media, decision-making becomes overwhelming—and even minor mistakes can have long-term impact.
This is further complicated by the fact that solo retirees generally have a much lower ability to take investment risks given their stage of life. With every decision resting solely on their shoulders, market volatility feels more threatening and the absence of a partner to share the mental load means fewer checks against errors or impulsive choices. With the older generation being the biggest target for digital financial frauds, they must also be very careful in all their financial dealings.
Keeping up with the constantly changing financial landscape is another challenge. Tax laws, investment regulations, pension norms, insurance guidelines and banking procedures are updated frequently and not everybody is adept at managing everything online. Missing a rule change can lead to penalties, missed benefits or poor financial decisions.
Add to this, the rising cost of living, healthcare inflation and the lack of family support, it is easy to feel overwhelmed. Above all, one is not sure if one has enough to survive through life.
Navigating solo retirement
First, take some time to understand finances. Do not pass on the responsibility to children. Their priorities and pressures may not align with yours. Some may even view your retirement savings as a backup for their own needs, which can create emotional strain and misunderstandings. Staying in charge gives you clarity and confidence.
Simplify your investments: Consolidate into investments you understand. For someone like Mansi, a fixed-deposit-led portfolio can comfortably support monthly needs. Avoid chasing high-return schemes or following online fads. Re-assess if maintaining property is burdensome—selling and moving into a retirement community may improve comfort and security. Avoid being influenced by social media hype or complicated schemes.
Prioritise quality of life: Retirement should support comfort, safety and emotional wellbeing. Invest in social connections, activities and health. Choose living arrangements that allow independence with necessary support. Don’t hesitate to use passive assets like gold or low-risk investments to fund a better lifestyle. You are not obligated to preserve everything for inheritance.
As solo ageing becomes more common due to longer life spans, changing family structures and personal choice, younger individuals must plan early for retirement security. It’s an issue that needs urgent attention—before it becomes a crisis.
Mrin Agarwal is a financial educator, founder of Finsafe India, and co-founder at Womantra.