It’s a fact. Single people don’t have the same financial safety net their dual-income married friends may have. As a result, singles also face different challenges in retirement and retirement planning, due to lack of spousal financial support, and perhaps even a lack of support from adult children. Because many retirement costs are fixed, single retirees may face costs similar to those of a retiring couple.

To meet your financial goals in retirement, you’ll have to do more planning if you’re single—because singles are simply at higher risk of not saving enough. Unfortunately the news for women is tougher: On average, single women earn less and save less than single men, and because they tend to live longer, women have to stretch their funds further.

So what can you do to prepare for a solo retirement?

To get ahead, save as much as possible and start as early as you can. At a minimum, make sure you’re contributing to your 401(k) and maximizing your company match. And look into a Roth IRA for additional savings.

You can also protect your salary by purchasing additional disability coverage beyond what your employer provides, as well as protect your future care by purchasing long-term-care insurance.

To learn more about planning for your retirement, contact your Virginia Farm Bureau Insurance agent today.