We all know happily married couples and those who are struggling, as well as singles who relish their independence and others who long for a partner. Regardless of your relationship status, it’s important to understand how it can affect retirement security and choices for senior living. On average, married seniors tend to be in a stronger financial position than single seniors, and the data helps explain why.
More single seniors
Pew Research reported in 2019 that nearly one-third (31 percent) of U.S. adults are single. The overall share is split roughly evenly between men and women, but age and gender breakdowns reveal a more detailed picture.
For men, the largest group of singles is aged 19 to 29, with 51 percent identifying as single. Among men 65 and older, only 21 percent are single, making it the male age group with the fewest uncoupled people.
Women show a different pattern: those ages 30 to 46 are the least likely to be single (19 percent), while women 65 and older are the most likely to be single, with nearly half (49 percent) reporting single status.
Pew points to factors such as men’s shorter life expectancy and later marriage or remarriage as partial explanations for these differences, though deeper social trends may also play a role.
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…but single by choice (especially senior women)
Pew also examined whether single adults were actively looking to date or enter a relationship. The findings show that single men are generally more likely to be seeking a partner: 61 percent of single men said they were looking to date or enter a relationship, compared with just 38 percent of single women.
Put another way, about 37 percent of single men say they are not looking to date, while nearly 62 percent of single women are not seeking a relationship. This gap grows among older adults. For people under 40, men and women are roughly similar in their disinterest in dating (33 percent and 39 percent respectively), but for those 40 and older the difference widens sharply. About 71 percent of women age 40+ say they are not looking to date, compared with 42 percent of men in that age group.
Overall, the inclination to seek new romantic relationships declines with age. In the 65-and-older bracket, 75 percent report they are not looking to date, while only 22 percent say they are actively seeking dates or a relationship.
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A wage gap for women …and singles
Beyond choices about relationships, economic realities shape retirement readiness. Research compiled by the University of Minnesota and highlighted by the Federal Reserve shows that married men earn substantially more than single men, married women, and single women across age groups. The earnings gap grows wider with age.
For example, a 25-year-old single person or woman might earn around $30,000, while a married 25-year-old man earns about $40,000. By age 65, average earnings diverge further: a single person or woman may earn around $40,000, whereas the typical married man earns roughly $70,000. Persistent differences in lifetime earnings contribute to disparities in retirement savings and financial security.
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The impact of this earnings discrepancy
These earnings patterns help explain retirement concerns among single people. A 2017 TD Ameritrade survey found that 46 percent of singles worry about running out of money in retirement, compared with 38 percent of married people. The survey also reported that only 44 percent of single people are saving for retirement, versus 63 percent of married people.
Homeownership is another important factor: married couples are far more likely to own a home (about 90 percent) than single people (about 58 percent). Home equity often plays a major role in funding retirement, so lower rates of ownership among singles can further limit options.
Taken together, lower lifetime earnings, reduced retirement savings, and lower homeownership rates create a challenging financial picture for many single seniors, particularly women. Married women commonly benefit indirectly from a spouse’s higher earnings, which can improve household resources even when their own earnings are lower.
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Planning is a must for single seniors and soloagers
As the number of “soloagers” or “elder orphans” grows—seniors without a spouse or adult children—planning becomes essential. Soloagers may lack a reliable support network or the financial means to manage aging-related needs. Those who don’t own a home face additional challenges finding safe, affordable housing as they age, alongside potential legal and medical decision-making concerns.
Single seniors can enjoy fulfilling retirements, supported by extended family and friends, but they should take proactive steps to protect their future. Essential actions include preparing a will, designating power of attorney, and setting advance directives—documents every senior should have regardless of marital status.
Single older adults should also consider long-term care planning since they may not have a spouse or children available to provide care. Options like long-term care insurance and moving to a continuing care retirement community (CCRC or life plan community) can offer security and access to needed services later in life.
Whether divorced, widowed, or single by choice, starting retirement and care planning early increases the likelihood of financial security and peace of mind in later years.