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How to Thrive as a Single Person in Retirement

By U.S. News & World Report

If you are single, you probably have some concerns about your retirement that people with partners are less likely to experience. Married retirees may someday encounter these same issues if one spouse passes before the other. With awareness and proper planning, you can be better situated to enjoy a happy and secure retirement. Here are four ways you can thrive as a single person in retirement:

[See: 10 Costs to Include in Your Retirement Budget.]

Cultivate a support network. Identify people who are available to occasionally check in on you and help with tasks such as driving you to appointments and assisting with shopping and chores. If you are healthy and independent now, you may not require the support of others for many years to come. But an emergency could occur at any time, so it’s a good idea to have a network in place now.

Many medical procedures are done on an outpatient basis and hospital stays are shrinking, so you will need to have someone who can transport you home and visit regularly to assist you during your convalescence. Hiring a home care aide is an option, but that can get expensive.

If you don’t have family members nearby who are willing and able to assist you, you will need to rely on friends and neighbors. You shouldn’t wait until you need help to figure out who can assist you. It will be awkward to try to develop a friendship with someone when it’s obvious that you have an immediate need for them.

If you aren’t surrounded by a sufficient support network of friends, family and neighbors, research whether there are senior support organizations in your area and what services they can provide. If you are planning to move to a new locale in retirement, the existence of such an organization would be a good criterion for you to consider.

[See: 10 Tips for Finding a Great Place to Retire.]

Build your social network. Once you stop working and are no longer surrounded by work acquaintances, you will need to devote more effort to creating and maintaining friendships. Similarly, if your marriage ends as a result of death or divorce, you will have a greater need for socialization.

An excellent option is to take classes on topics that interest you. Not only will you benefit from mental stimulation, but you’ll meet people who have similar interests. Local community colleges or universities may have programs that allow senior learners to attend courses on a non-credit basis for free or at a low cost. Organizations such as the Osher Lifelong Learning Institute, Road Scholar and SeniorNet can help you find programs of interest to you.

While you may value having some solitude in your life, you shouldn’t spend all your time at home. If you can’t find a friend to go with you, don’t let that stop you from going to a restaurant, movie, concert, museum or a day trip. Enjoying entertainment on your own can be a big adjustment if you are newly single after years of marriage.

Consider alternative living arrangements. If you are accustomed to living alone, you may be able to continue long into retirement. But the time will come when living with others or living in a close-knit community becomes desirable or even necessary. Here are two options for living arrangements that can provide support and delay the need to move to an assisted living facility:

Co-housing communities are intentional communities of private homes clustered around a shared space. Each attached or single family home has traditional amenities, including a private kitchen. Shared spaces typically feature a common house, which may include a large kitchen and dining area, laundry and recreational spaces. Neighbors commit to being part of a community for everyone’s mutual benefit. They collaboratively plan and manage community activities and shared spaces and also share resources like tools and lawnmowers.

Shared housing is simply two or more unrelated adults sharing a home. The Golden Girls TV show was a prime example. There are several websites that can assist those seeking house sharing arrangements with finding those who have space to offer, including the National Shared Housing Resource Center and the Cohousing Association of the United States. These sites also offer resources for how to establish and manage successful house sharing arrangements.

[See: 25 Ways to Enjoy Retirement on a Reduced Income.]

Be willing to travel solo. Traveling solo might be one of the biggest challenges you face as a single retiree, especially if you have been accustomed to traveling with your spouse. You may be reluctant to travel alone for anything more adventurous than a visit to family members. But the fact that you are single is no reason to excise your travel dreams from your bucket list.

When you travel by yourself, you can truly set your own itinerary. You won’t have to compromise with a travel companion who doesn’t want to do the same things you do. If you feel tired one day, you can relax without being concerned that you’re depriving your travel partner of anything.

If you have some reservations about traveling alone, begin slowly. Start with day trips in your car or weekend trips to a nearby city. Cruise ships and group tours are options worth considering.

When traveling solo, exercise common sense and follow safety precautions. If you’re exploring on your own, leave a note with your day’s itinerary in your hotel room so that if you don’t return, authorities will know where to start looking for you. Stay in open, public spaces, especially at night. Research maps, transportation schedules and prices before you venture outside, so you appear confident. Learn how much a taxi should cost and verify the amount with the driver before you begin the ride.

While being retired as a single person does present some challenges, you can still enjoy an active, happy and fulfilling retirement with the right attitude and thoughtful preparation.

Dave Hughes is the founder of Retire Fabulously.

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How to Thrive as a Single Person in Retirement originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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