Being 60 and single isn't the picture Edith Heyck had painted for herself. After being widowed at an early age, the professional artist remarried, but that marriage ended in divorce eight years ago.
"I always expected to be married," says Heyck, who lives near Boston. "It really never occurred to me that I would be a single Baby Boomer."
Heyck admits that during her married years, she took a back seat when it came to financial planning. She's not alone.
Millions of Baby Boomer women will spend their golden years alone—because of divorce, outliving a spouse or because they never married in the first place. Being single often magnifies the already harsh financial realities women face in retirement.
Even when married, women are much less likely than men to characterize themselves as the "primary" financial decision-maker, according to a survey released last month by Wells Fargo .
While both men and women haven't saved enough for their retirements, the women polled had saved less than men, with a median accumulated retirement savings of $20,000 for women versus $25,000 for men.