The Hidden Costs of Going Solo in Retirement (Taxes, Medicare & Planning Risks)

What does retirement look like when you’re going it alone—and what does it cost? In this episode of Make It Make Cents, Michele Cropley is joined by financial advisor Scott Wilson to break down the growing trend of “solo agers”—retirees navigating life without a spouse, partner, or built-in support system.With nearly 30% of older adults living alone—and even higher percentages among women over 75—this isn’t a niche issue. It’s a major financial planning challenge.They cover:●      Why solo retirees may face higher Medicare premiums (IRMAA)●      How RMDs and tax brackets can create a “widow’s penalty”●      The hidden financial risks of filing single in retirement●      Strategies like Roth conversions and charitable distributions●      Why liquidity and emergency planning matter even more when you’re solo●      The role of professional fiduciaries, estate planning, and beneficiaries●      Housing decisions: aging in place vs. retirement communitiesThe key takeaway: going solo doesn’t just change your lifestyle—it can significantly impact your taxes, income, and long-term financial security.If you’re planning for retirement (or already there), this is a conversation you don’t want to miss.Armstrong Advisory Group, Inc., a Registered Investment Adviser. This content of the post or podcast is intended solely to provide general information regarding our business services. Nothing within the post constitutes personalized investment advice or is an offer to buy or sell any security or insurance product. To the extent you wish to engage us for investment advice based upon your personal investment circumstances and objectives, please contact us directly at (781) 433-0001.   Armstrong Advisory Group, Inc. does not offer tax or legal advice, and no portion of the post or podcast should be interpreted as legal or accounting advice. You are strongly encouraged to seek advice from qualified tax and/or legal experts regarding any tax or legal matters relevant to you.   You agree, as a condition precedent to your access to the post or podcast, to release and hold harmless Armstrong Advisory Group, Inc., its officers, directors, owners, employees, and agents from any and all adverse consequences resulting from any of your actions or omissions, which are independent of your receipt of personalized investment advice from Armstrong Advisory Group, Inc. Armstrong Advisory Group ("AAG") is affiliated with an insurance agency called Armstrong Insurance Group, Inc. ("AIGI"). AIGI offers insurance products and services to customers, including investment advisory clients of AAG. AAG refers clients to AIGI for those products and services. AIGI does not, however, compensate AAG for any referrals.   Certain AAG representatives are also licensed as insurance professionals appointed with AIGI and may earn commission-based compensation for selling insurance products, including insurance products implemented for AAG clients. Insurance commissions earned by AAG representatives are separate and in addition to AAG's advisory fees. This practice presents a conflict of interest as the representative has a financial incentive to recommend insurance products to a client. Clients are under no obligation, contractually or otherwise, to purchase insurance products through any of AAG's representatives or any other AAG affiliated person.