Retiring as a single woman involves prioritizing safety, community, affordability, and lifestyle, with popular choices ranging from Australia's regional coasts (Mandurah, Hervey Bay) and cultural hubs (Melbourne, Sydney suburbs) to overseas locations like France, Italy, Portugal, and parts of Southeast Asia (Thailand, Philippines) for lower costs and vibrant expat scenes, focusing on accessibility, healthcare, and social connections that match your personal goals, whether that's quiet living or an active social life.
Hawaii — Hawaii is first on the list because, while it is not exactly the cheapest place to live, it offers other advantages for retired, single females. Hawaii has an elderly population of 16.1%. Its average monthly health care premium is $411 dollars.
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Methods to estimate how much you need to retire
A general rule of thumb is to have at least 10 to 12 times your annual income saved by age 67 if you plan to retire at this traditional retirement age. For instance, if you earn $150,000 per year, the retirement savings target would be between $1.5 and $1.8 million.
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The most affordable countries among the safest in the world are Latvia, Chile, Costa Rica, Slovakia, and Lithuania. The cost of living in these states varies from $1,000 to $1,100 per month.
“Many people retire at around 60 or 65, but some people are happy to work into their 70s and beyond,” McCallum says. “The world has changed.” He says often people reach a point at which they want to spend more time with their grandchildren or do other things, which becomes a catalyst for retirement.
Yes, you can retire at 60 with $500k in Australia, but it depends heavily on owning your home, living a modest lifestyle, planning for the Age Pension, and managing withdrawals carefully; it's feasible for a comfortable, but not extravagant, retirement, especially if you can supplement income with part-time work or downsize. A comfortable single retirement at 60 might need around $515k for about $52k/year, while couples need more, so careful budgeting and a structured plan are crucial.
Hobart, Tasmania, is widely recognized as the cheapest major city, but smaller regional towns in Queensland and South Australia can offer even lower living costs.
The main pitfalls of retirement villages involve complex contracts and high exit fees, which can drastically reduce your return when you leave, sometimes leaving insufficient funds for future care. Other issues include restrictive rules (pets, visitors), demographic mismatches, hidden costs, and the fact that they are generally a lifestyle choice, not a financial investment, with operators recovering costs through fees.
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Some experts suggest that £500,000 in your private pension or savings is a sensible amount to aim for, if you live alone. According to the PLSA, you'd need £303,000-£490,000 in your pension pot for a moderate retirement and £540,000-£800,000 for a comfortable one – potentially more in London.
Des Moines, IA
For retirees looking to live in a big city on a small budget, Des Moines is a good choice. Affordability is just one reason the Milken Institute ranked the state capital among the 100 large U.S. metro areas for successful aging in 2025.
The $1,000 a month rule for retirement is a simple guideline stating you need about $240,000 saved for every $1,000 of monthly income you want from your investments, based on a 5% annual withdrawal rate (e.g., $240,000 x 0.05 = $12,000/year or $1,000/month). Popularized by CFP Wes Moss, it helps estimate savings goals but ignores inflation, taxes, and other income like Social Security, so it's best used as a starting point for broader retirement planning.
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Technically, yes – but there are significant factors to weigh before pursuing this route. While spending down your super may reduce your assessable assets and potentially increase the Age Pension you're eligible for, it's crucial to consider how this could impact your financial security and lifestyle in retirement.
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