Planning for Solo

For a variety of reasons, more of us are going solo. Fewer people are getting married and having kids. Divorce is socially acceptable and more prevalent.  Wives tend to outlive their husbands.

Living solo has many advantages – not the least of which is the freedom & autonomy to live life as you please. But it has drawbacks, too. There is more responsibility that falls on the individual to navigate the complexities of life.

Unique Responsibilities of Solo Agers in the Age of Longevity

“Solo agers” – people in the 2nd half of life without traditional family support, such as a spouse, children, or close relatives – is a sizeable and growing part of the population. There are approximately 22.1 million older adults in the U.S., representing more than a quarter of the population. It’s a figure that is expected to grow in the years ahead. And, about 73% of solo agers are women.

Consider a 55-year-old woman. When she was born, she was expected to live to 74. However, due to advances primarily in technology and health care, life expectancy has increased over her lifetime. According to one particularly optimistic medical expert, Michael F. Rozien, MD, her life expectancy may balloon to 115 years (!), resulting in another 60 years of life. With the advent of big data, personalized medicine, artificial intelligence, human genomics advances and more, one can understand that life expectancy may rise to unprecedented levels.

For many of us, the prospect of living longer is attractive so long as our health and financial well-being follow suit. The challenge is that ensuring so requires a bit of luck and planning. In the case of solo agers who don’t have family to fall back on, planning becomes particularly important. Yet, solo agers don’t plan sufficiently. According to one study, only 16% have made caregiving plans. And, solo agers are 33% less likely to plan as compared to their coupled peers. Clearly, this is a number that needs to change.

Handling Life’s “What Ifs”

As we live longer, the range of “What Ifs” gets larger and the likelihood of any of scenario happening increases. What if I need to work longer than I planned? What if my social networks dissolve? What if my health deteriorates? What if my home is no longer the best place for me?

What if I need care? Keep in mind that the Department of Health and Human Services estimates that half of adults age 65 will need some form of paid long-term services and support during their life.

And there’s the big one: what if I’m married and become a solo ager? Planning for solo may involve a time when you are not solo. Keep in mind that women outlive men by about five years on average.

And, even if you have kids, what if they are not able or willing to be of help? Solo agers may, in fact, be people with kids. It is best to talk to your kids to understand what’s expected.

These concerns point to the importance of planning.

Emergence of Place Planning

One of the key levers for solo agers is place. In the absence of family, the right place can help facilitate the formation and maintenance of close, reciprocal relationships. It can help you stay healthy and financially secure. It can ensure that you are close to high-quality health care. The right place can meet your needs today and, potentially, tomorrow.

Place Planning is a holistic, research-based approach to help people find the right place for every stage of life, unlocking joy, peace of mind, and a sense of fulfillment. It’s a way to think about what’s best for you, balancing the uniqueness of your situation with an eye towards the future. It helps you see reality more clearly and put yourself in a position to make sound decisions that will make your future self thankful.

In many respects, living an extended life solo is ripe with opportunities for joy, meaning, impact, and love of others. However, it is important to think carefully about ways to optimize the upside and manage the downside. Planning, particularly Place Planning, is a critical step towards that end.

NOTE: Here is offering a Place Planning course specifically for solo agers starting on February 25th. You can find more information by clicking on this link.