Solo Agers: How to Chart Your Course to Avoid 5 Common Perils

Let’s face the truth. If you’re reading this, you’re breathing. And if you’re breathing, you’re getting older. And for an increasing number of us, that may mean you’re a solo ager. Navigating life as a solo ager means you are aging independently without a built-in safety net of immediate family support.

You may be a solo ager if you are…

• An individual or couple without children
• Someone who never married or had children
• Living alone following a divorce or the loss of a partner
• An individual or couple whose family lives far away or is estranged

Because spouses and children are the relatives most apt to serve as family caregivers, researchers often use this definition for solo agers, also known as kinless adults. A 2017 study published in The Journals of Gerontology: Series B, estimated 6.6 percent of American adults over 55 had no living spouse or biological children. And that number is rising rapidly due to shifting social norms — delayed or non-marriage, higher rates of childlessness among baby boomers, smaller and more geographically dispersed families, and increased participation of women in the labor force.

Charting Your Course to Avoid the 5 Common Perils of Solo Aging

The team at Clute Wealth Management sees firsthand how certain perils affect solo agers. Here are the top five perils — and how you can navigate around them with self-confidence to make the most of your journey.

1) Drifting Without a Destination: Not Defining Your Ideal Future

What does aging well and independently look like for you? Without a clear picture, it’s easy to drift instead of making intentional choices. The answer will be different for everyone, but you want a clear picture of the unique way you define what you’re aiming for. A key step here is planning for where to live and your housing needs. While it’s impossible to know what the future holds, it’s never too soon to start planning for successful aging and financial wellbeing. Imagine what your life will be like in five to ten years and how that could affect where you want to live. Consider:

• Do you have any health issues that could worsen over time or affect your ability to live independently?
• Will you be able to drive safely or is accessible local transportation available?
• Will you be able to keep up with household chores and maintenance? Will you even want to?
• Do you have a strong local support network, or will you need to build new connections?
• Will your financial plan support your vision for the next 5, 10, or 20+ years?

2) The Procrastination Trap: Delaying Important Plans

Preparing for the future has no deadline. It’s easy for the urgency of day-to-day pressures to crowd out making time to plan for a seemingly distant future without a deadline. Without dependents relying on them, solo agers and busy business owners can be especially vulnerable to procrastinating about preparing for their future when it comes to financial, housing, and legal planning. We have talked before about the usefulness of deadlines for stimulating “The Panic Monster” and breaking through procrastination to get things done. Set yourself a deadline to prepare or update your plan for the near-term future and as your needs may change.

Set real deadlines for:

✅ Reviewing or updating your financial and estate plans

✅ Researching housing options that align with your long-term goals

✅ Exploring caregiving solutions before you need them

Being proactive gives you more choices—and greater peace of mind.

3) The "It Won’t Happen to Me" Myth: Being Unprepared for Disability or Long-Term Care

Are you prepared for a disability? Too many people assume estate planning ends with a will. But what if you face a period of incapacity before you pass away?
Every solo ager needs:

• A financial power of attorney (so someone you trust can manage your finances if needed)
• A healthcare proxy and advance directives (to ensure your medical wishes are honored)
• A long-term care strategy (because 70% of people over 65 will need some form of care)

Legally appointing someone to act on your behalf in the case of mental or financial incapacity is essential. Married couples can assume their spouses would have automatic authority to manage their money if they were to become incapacitated, not understanding that if the spouse is not listed on the account, separate authorization is needed. Many older adults understand the purpose of a will to distribute their assets after death and an advance directive to communicate health care preferences, but planning for periods of financial incapacity while living is not something many consider.

And paying for long-term care can quickly deplete your savings. Have you considered your options for insuring against the need for long-term care?

4) Isolation at Sea: Neglecting Social & Emotional Well-Being

Maintaining a sense of purpose and social connection are proven to help support good physical, mental, and emotional health. Solo agers are more vulnerable to what has been referred to as an “epidemic” of social isolation and loneliness, which can have serious negative effects on both mental and physical health.

To stay socially engaged:

• Join a community—volunteer, take a class, or participate in local events
• Maintain strong friendships and actively cultivate new ones
• Prioritize your health—exercise regularly, eat a balanced diet, and get regular checkups
• Find purpose—whether through hobbies, part-time work, or mentoring

Staying socially and mentally active adds years to life and life to your years.

5) Outdated Legal Documents: The Risks of Failing to Review & Update

Life circumstances change, and failing to regularly update legal documents like wills, trusts, and powers of attorney can lead to unintended consequences. Legal documents aren’t “set it and forget it.” Life changes—so should your legal plans.

Schedule regular updates to ensure your current wishes are accurately reflected:

✅ Will

✅ Trusts (if applicable)

✅ Power of attorney

✅ Beneficiary designations

✅ Healthcare directives

Regular reviews give you the freedom to relax and enjoy what you’ve worked toward. Focus on planning for your financial needs while you are alive, not on distributing your assets to beneficiaries upon your death.

The Journey Ahead

By taking proactive steps now, you can steer clear of these common pitfalls and chart a course for a secure, fulfilling, and independent future. Planning ahead isn’t just about finances—it’s about knowing you have planned ahead for everything you can control — so your third age is rewarding and fulfilling.

Resources

National Institute on Aging (Topics A-Z)

Adding years to life and life to years, McKinsey Health Institute

How Much Care Will You Need?, LongTermCare.gov

Money Smart financial education program, FDIC

Older Adults Without Close Kin in the United States, The Journals of Gerontology: Series B

Caregiving Checklist: What to Ask at Assisted Living Communities, AARP

Checklist For Consumers and Prospective Residents, NCAL

BOOKS Worth Reading

(Available at many public libraries and local bookstores.)

Keep Sharp: How to Build a Better Brain at Any Age, by Sanjay Gupta MD

Elderhood: Redefining Aging, Transforming Medicine, Reimagining Life, by Louise Aronson

Essential Retirement Planning for Solo Agers: A Retirement and Aging Roadmap for Single and Childless Adults, by Sara Zeff Geber

Build YOUR Space: How to create an accessible home for you, your family, and your future, by Julie L Sawchuk

Right Place, Right Time: The Ultimate Guide to Choosing a Home for the Second Half of Life, by Ryan Frederick

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Christina Ubl, CFP® CDFA™ of Clute Wealth Management in South Burlington, VT and Plattsburgh, NY, an independent firm that provides strategic financial planning for individuals and small businesses in the Lake Champlain Valley region. Securities and advisory services offered through LPL Financial, a registered investment advisor, Member FINRA SIPC.

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