Aging Solo

Aging
solo

Retirement
& Longevity

The
practicalities and possibilities of embracing the future on your own.

Marriage.
Home. Children. The boxes that once defined the passage into adulthood are
increasingly going unticked.

Marriage
rates, which peaked at 78.8% in 1949, sat at just over 47% in 2024, according
to the US Census Bureau – and they haven’t been above 50% since 2010.

A recent New
York Times article explored the rise in renting among households earning $1
million+, which tripled between 2019 and 2023. The increase was informed by the
pandemic and economic factors, but also driven by high-earning Millennials,
whose share of the rental market increased by 60%.

And Pew
Research Center found that a growing number – 47% – of American adults under 50
say they are unlikely to ever have children.

It all adds
up to a substantial cultural shift, but what does it mean for the other big
milestones we mark with time? Retirement. Legacy. Aging.

“There is a
growing population of what we call ‘solo agers,’” says Emily Treasure, Senior
Manager of Longevity Planning, who focuses on helping financial advisors and
their clients navigate longevity planning at Raymond James.

Traditionally,
this population has been solitary more by circumstance than by choice,
navigating aging in the wake of loss or a divorce. But increasingly, their
ranks are being joined by people who see aging alone for its possibility. And
based on the skyrocketing number of gray divorcees – which has doubled since
the 1990s, also according to Pew – a growing share of the “traditional” cohort
seem to be embracing the freedom a solo future can offer.

Whether
you’re approaching solo aging as a destination or a contingency, planning is
the critical piece, says Emily. “It’s important to start early and to plan in
ways you might not expect – not just having higher cash reserves and key legal
documents, but also cultivating hobbies and building community.”

Aging on
your own and on your own terms, she says, is ain the details.

Alone
again (intentionally)

Solo aging
is not a new phenomenon, but planning for it financially, physically,
geographically and socially is a modern invention. Even if it’s something you’d
prefer to avoid, taking the time to be intentional, to explore what would make
that lifestyle work for you, could help deter future stress and, potentially,
expand your ideas of what’s possible.

The
independence and flexibility of aging alone generates options – from launching
a second-act career to relocating to a new city or country, or deep-diving into
niche interests – but it also invites additional layers of practical
considerations.

It’s not
just asking yourself “When will I retire?” but “How will I maintain social
connections once I’m not plugging into a work community every day?” It’s not
simply “What can I do to support my health?” but “Who will be around to help me
through a health crisis?” And it’s more than ‘What are my wishes?”; it’s “Who
will ensure they’re carried out?”

Who will
answer the call?

Knowing who
will help, from meal prep to medical directives, is the biggest concern for a
lot of solo agers, Emily says.

“Financial
advisors and other professionals like attorneys are in good positions to help
identify the right resource – an aging life care manager, a professional
fiduciary, a trusted friend – or, in some cases, to be that resource
themselves.”

Who will
help me if I fall?

If a close
friend or nearby relative isn’t an option in an emergency, solo agers can tap
medical alert services, outfit their homes with assistive technology, or invest
in wearables – from smart watches to smart jewelry – that track vitals and
offer automatic fall alerts.

Who will
support me through a health crisis?

In the
absence of an informal caregiving network of family, creating a formal one is
key. Concierge medical services can provide enhanced care for acute and chronic
illness, while medical management platforms offer advisory and advocacy,
arranging travel and coordinating in-home support. Solo agers should also keep
long-term care in mind and have a plan for how it will be funded and who
they’ll legally empower to make decisions.

What if I
get hit by a bus?

Like anybody
else, solo agers need an estate plan, but unlike others the role of executor
won’t fall naturally to traditional candidates like a partner or child. A
trusted friend or neighbor could be an option, but it’s worth exploring hiring
a professional trustee or executor to handle the nuances – and, as always, to
document your wishes early and often.

Who will I
talk to?

A number of
studies have found that social engagement and social activity are among the
biggest determinants of brain health as we age. So, getting and staying
connected through things like church groups, community organizations and
members clubs can be more than a cure for idleness – it can actually enhance
longevity.

Solo, not
solitary

In her work,
Emily cautions against seeing independence as the end-all.

“People who
are aging solo often assume independence is always going to equal empowerment,
and it might today. But I don’t know if they’re prepared for how quickly
isolation can set in. You can have a financial plan, you can have a housing
plan, but if you don’t plan for how you’re actually going to live day to day,
it can be a really big surprise.”

She
recommends that people consider complementing their autonomy with a deeper
investment in things they are already passionate about – faith, community or
volunteerism, for example.

Those with a
passion for hands-on giving can use volunteer match portals to search for local
opportunities. And world travelers might explore swapping their next solo trip
for an activity-, arts- or learning-based group tour with a private travel
club.

Patronage
can also provide connection beyond a gala or gallery visit. Patrons’ circles at
museums and arts venues often include a host of fringe social benefits in
addition to tickets. For example, the perks of an annual donation to New York’s
Metropolitan Museum can extend from lounge access and bespoke events to day
trips and learning series.

Ultimately
there is an irony in planning to age alone, because the goal is to ensure that
you aren’t. You will need people around you and a plan they can follow to help
you mark the milestones that will define your life on your terms.

Pendle Hill
Advisors is proud to contribute to the Montgomery County News with our weekly
curated financial news and topics. If you have any questions about the markets,
your financial plan, or anything, please feel free to reach out to our office
for a no cost initial consultation.

Kent Pendleton, AAMS®

Financial Advisor, RJFS

Pendle Hill Advisors LLC

14375 Liberty St, Ste 109 | Montgomery,
TX 77356

T 936-297-8267

Kent.Pendleton@raymondjames.com | www.raymondjames.com/pendlehilladvisors

Material
created by Raymond James for use by its advisors. Securities offered
through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment
advisory services are offered through Raymond James Financial Services
Advisors, Inc. Pendle Hill Advisors is not registered broker dealers and is
independent of Raymond James Financial Services.

Sources: Usafacts.org, NYtimes.com, Rentcafe.com, PewResearch.org, PewResearch.org, Pmc.ncbi.nlm.nih.gov