5 strategies to consider for singles heading into retirement

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(StatePoint Media) -- Planning on retiring single? You aren’t alone.

Nearly 22 million Americans age 65 and older were unmarried in 2019, according to the U.S. Census Bureau, representing 41.5% of those in that age category. And for women, it’s more likely to be the case. According to the Administration on Aging, 54% of older women are unmarried, as compared to 30% of older men.

In a study published in the "The Gerontologist", one-third of men and women between the ages of 45 and 63 who responded to the survey were single, most were never married or they were and now divorced. A small number were widowed.

Unmarried Baby Boomers face greater economic, health, and social challenges compared to their married peers in their later years.

"Retirement planning can be especially challenging for singles, who need to prepare without the decision-making and income support of a partner," says Scott Pedvis, financial advisor, Wells Fargo Advisors.

For those setting a course for solo retirement, Wells Fargo Advisors offers these five tips:

1. Create a fallback plan. Retirees commonly discover a gap between what they thought they’d need for retirement and what’s actually needed. And if you’re single, you may not have a second income stream to rely on should finances become unexpectedly disrupted. Periodically review your investment portfolio and build backup plans. Such contingency planning could involve more emergency savings and more robust disability and long-term care insurance protection than couples. You could also choose to take a part-time job for extra income.

2. Build a network of advisors. With autonomy sometimes comes a reluctance to seek advice. Consider forming a team of trusted professionals, including a financial advisor, accountant, attorney and healthcare providers.

3. Count on loved ones—to a point. Friends and family can be a lifeline in good times and times of need. However, ensuring they don’t take advantage of your independent status or create serious financial burdens for you is essential. For example, you should take extreme care before turning over financial matters to others. Stay actively involved and work with a trusted team to help make decisions in your best interests. Evaluate the possibility of engaging a corporate trustee to manage finances, should you become incapacitated.

4. Prepare key documents. According to Caring.com, more than half of American adults don’t have estate planning documents such as a will or trust. Don’t wait. Even if you’ve put some documents together, they may not ensure your wishes are carried out. Here are the key documents forming the foundation for most estate plans:

• Will
• Power of attorney (POA) for financial matters
• Durable power of attorney for health care
• Health Insurance Portability and Accountability Act (HIPAA) release authorization
• Living will
• Revocable living trust

To prevent confusion and misdirected bequests, carefully designate beneficiaries of IRAs, employer-sponsored retirement plans, insurance policies and annuities. Lay out clear directions for the distribution of remaining assets. Also, don’t forget about digital assets and accounts. Will your executor or trustee have proper authority to access and manage those items? Talk to your attorney about keeping digital planning secure and up-to-date.

5. Plan for change. Entering into a committed relationship could mean making adjustments. Look at your insurance coverage, emergency fund and future income plan.

Think about having a frank discussion with your new partner about how you’ll divide assets in the event of divorce or death. If ex-spouses or children are in the picture, consider managing finances and estate plans separately. With the assistance of your financial advisor and estate-planning attorney, you can establish a basic estate plan, and, as appropriate, discuss other strategies for preserving wealth.

"Planning for retirement is part of the financial journey. Key planning strategies can help you feel confident as you approach your golden years solo," says Pedvis.

For more information and guidance in planning your retirement, visit wellsfargoadvisors.com.

Create a healthier home: 4 tips for your new multi-purpose space

Photo: Avelino Calvar Martinez/Burst

(Family Features) -- Even after receiving their COVID-19 vaccination, There are a lot of people not ready to throw caution into the wind and resume pre-pandemic behavior. Individuals and families, vaccinated or not, are planning to continue to spend more time at home until they feel their communities and the places they frequent are much safer to visit.

The additional time at home provides a unique opportunity to make changes to create a healthy living environment.

In many homes spaces traditionally used for socialization and relaxation have evolved into classrooms, gyms and workout space, voice and video production studios, comfortable office space, restaurants, and more.

In fact, a majority of Americans (54%) report being more concerned about having a healthy home since the start of the COVID-19 pandemic, according to a recent online survey of 2,000 adults conducted by The Harris Poll on behalf of Carrier Global Corporation, a leading global provider of healthy, safe and sustainable building and cold chain solutions.

The survey also found that of those surveyed who were 18 years of age or older last August, since the COVID-19 pandemic began:

49% are more concerned about maintaining heating and air conditioning filters to reduce dust, pollen and other indoor pollutants.
42% are more concerned about fire safety precautions in their homes, such as smoke detectors and fire extinguishers.
39% are more concerned about having dangerous levels of carbon monoxide (CO) in their homes.

According to the survey, 1,381 of the participants were homeowners.

If you’re looking to improve your living space, consider these tips for making your home the healthiest it can be:

Create an ideal sleep environment . . .
Most people sleep most comfortably when the air is slightly cool, so target a room temperature between 65-70 F. If this is cooler than you keep the home during the day, consider using a programmable thermostat that automatically lowers the temperature at bedtime. Also, remove distractions that may keep you awake and, if necessary, use a white noise device for uninterrupted sleep.

Improve indoor air quality . . .
Maintaining heating and air conditioning filters is a concern many homeowners reported. According to the survey, 49% of respondents are concerned about reducing dust, pollen and other indoor pollutants as part of their filter maintenance.

In addition to changing air filters on a frequent basis, air purifiers and humidifiers can help make the air inside homes fresher, cleaner and more comfortable. For example, third-party testing has shown the Carrier Infinity Whole Home Air Purifier inactivates 99% of the select viruses and bacteria trapped on the filter, such as those that cause common colds, streptococcus pyogenes and human influenza. The purifier was also tested by a third party against the murine coronavirus, which is similar to the human coronavirus SARS-CoV-2 that causes COVID-19. In that testing, the purifier inactivated 99% of coronavirus trapped on the filter.

Also look at your home's air exchange rate, also known as Air Change Per Hour (ACPH). ACPH or ACH is a measurement that looks at how many times the air within a defined space is replaced each hour with fresh, ideally outdoor air. The American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE) recommends homes and offices have a certain number of air changes per hour. For example, bedrooms should have five to six, kitchens seven to eight, and laundry rooms around eight to nine exchanges per hour.

If your home is older and not as tightly-built or weatherized, air exchange can occur through leaks in the exterior envelope, which may not be enough to keep mildew and mold growth under control. With newer, well-sealed constructed home, homeowners may want to consider upgrading your home's ventilation system to remove stale air and pull in more fresher air from outdoors.

Update fire protection . . .
Since the pandemic began, people are also more concerned about fire safety precautions in their homes, such as smoke detectors and fire extinguishers. Smoke alarms should be installed on each level of your house and inside each bedroom. Test smoke alarms monthly and replace batteries as needed. Additionally, you should have a fire extinguisher on each level and consider one for the kitchen, as well. Make sure to check extinguishers routinely and replace them every 10-12 years.

Install carbon monoxide alarms . . .
Another cause for concern amid COVID-19 is the potential for dangerous levels of carbon monoxide (CO) in homes. CO alarms should be installed on each level of the home and outside sleeping areas, and it’s important to test them monthly. Consider installing alarms with a 10-year battery, such as the Kidde Wire-Free Interconnect 10-Year Battery Combination Smoke & CO Alarm for less hassle. It offers wire-free interconnect capability, a voice warning feature that accompanies the loud alarm tone and verbal announcements such as “replace alarm” at the end of the alarm’s life.

To learn more about creating a safer, healthier home, visit carrier.com/healthyhomes.

Photo Gallery | Spartan softball team post opening victory

St. Joseph-Ogden sophomore Maggie Ward winds up for a pitch during the Spartans' season opener last. The Spartans rolled to a 12-7 victory to start the 2020-21 season. Ward threw 64 pitches during her five innings in the circle to earn her first win of the season. The sophomore hurler struck out three and gave up three runs and four hits in her varsity debut.