The Society of Actuaries (SOA) Research Institute recently published a series of guides designed to assist solo agers with key financial and retirement decisions.
In addition, the SOA published survey findings on the growing phenomenon of “solo aging” in the U.S.
Solo agers are individuals who, as they grow older, navigate life and retirement without the traditional support network of close family members or partners.
The consumer survey includes responses from Americans aged 50 or older who identify as solo agers. It provides insights into aging, financial preparedness, use of technology, physical and cognitive health, and the role of support networks.
Below is a transcript, edited for clarity and brevity, of an interview with Steve Siegel, research actuary at the SOA Research Institute and Cindy Hounsell, the founder and president of the Women’s Institute for a Secure Retirement (WISER), both of whom were involved in the SOA Research Institute’s solo aging initiative.
Robert Powell: Across America, more adults are entering retirement on their own. They’re called solo agers – people growing older without the traditional safety net of a spouse, partner, or nearby family. For some, it’s a lifelong path. For others, it’s the result of life changes such as divorce, the loss of a loved one, or adult children moving away.
A new survey of Americans age 50 and older sheds light on how solo agers are preparing financially, emotionally, and socially for the years ahead.
With these insights, the Society of Actuaries (SOA) Research Institute aims to deepen understanding of the challenges solo agers face and help more Americans age with confidence, connection, and financial security.
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Key findings include: |
Understanding the solo aging experience
Robert Powell: Steve, walk us through the key findings of the survey to set the table for us.
Steve Siegel: It’s great to be here, Bob. Thanks for having us. The SOA is fortunate to partner with WISER on this important work. We want to help people at different stages of life and with different challenges. Solo aging was a natural topic for us to explore.
Support networks are a major part of solo aging. As expected, many solo agers often feel a lack of companionship, and only a small percentage are confident that their current support network will be there as they age. The guides we developed are designed to help people nurture and expand those networks.
Solo agers often reach out to neighbors, co-workers, and friends — and interestingly, many are turning to social media. A significant number are also embracing technology in general, from smartphones to online communities. Even getting a pet can help, and the guide highlights these strategies.
Health, aging, and preparedness
Steve Siegel: Many solo agers are concerned about changes in their physical and cognitive abilities as they age. These concerns can be especially daunting without traditional family support.
For example, someone might technically be married but still feel like a solo ager if their spouse is incapacitated. These individuals are taking steps such as using memory aids and being proactive about health and independence.
The survey respondents had an average age of about 67. Most are still able to handle daily tasks like cooking, shopping, and managing finances. However, many already receive help with more physical chores such as lawn care or auto maintenance — and they’re thinking ahead about future needs.
Technology and safety concerns
Steve Siegel: Another key finding is how many solo agers are embracing technology. Nearly three-quarters use social media, and most have smartphones. That’s a positive sign, but it also comes with risks.
We emphasize the importance of online safety – protecting passwords, being alert to scams, and practicing caution with digital finances. One of the guides focuses specifically on these topics, helping solo agers stay connected while staying secure.
Practical tools and guidance for solo agers
Robert Powell: Cindy, let’s turn to the guides Stephen mentioned. There are several — managing finances, choosing a health care proxy, preparing for housing changes, getting legal documents in order, and developing support networks. Tell us more.
Cindy Hounsell: Many people just want clear answers to help them make decisions. There’s so much information out there, and it’s not always easy to find what’s truly useful. These booklets make it simple – they explain what documents you need, why you need them, and how to move forward.
For women especially, these guides are invaluable. Many have become solo after years of relying on a partner to handle finances or legal matters. The guides help them understand what it takes to go it alone.
Women in their 80s and older, for instance, often didn’t have the same financial opportunities that younger generations do. Seeing financial planning resources like CFP professionals on TV now is new to them. The guides explain what those credentials mean and how to find trustworthy help.
Aging in place and caregiving challenges
Robert Powell: One guide talks about health care proxies and caregivers. Couples often rely on adult children for caregiving, but solo agers may have to look elsewhere.
Cindy Hounsell: That’s right. I recently served as a trustee for friends without children. They had no idea what to do with their assets – an apartment in New York City, for example – and were ready to invest everything in the stock market at the worst possible time.
When you’re managing someone else’s affairs in their 90s, you realize how important it is to have plans and documents in place. Money often has to last six or seven more years, and those costs are significant.
People say they want to “age in place,” but many don’t know what that means. It could be as simple as adding grab bars in the shower or making the home more accessible. These guides help people think through those details and make realistic plans.
Legal documents and health proxies
Robert Powell: Solo agers may need more than just a will and power of attorney — things like advanced directives or living wills. That can feel overwhelming.
Cindy Hounsell: It is. And finding someone to serve as a health care proxy can be difficult. Hospitals now ask for those documents up front, even for minor procedures. They want to know who can make decisions for you if you can’t. It’s a reality check — and a reminder to get those papers in order.
Staying safe online
Robert Powell: Many solo agers turn to the internet for social connections. Given the rise in scams, how can they protect themselves?
Cindy Hounsell: We recently hosted a symposium on scams. It’s one of the biggest issues older adults talk about right now. Education is the best defense, and our guides provide practical tips to stay safe online.
Final thoughts
Robert Powell: We’ve covered a lot of ground. Anything you’d like to reemphasize?
Steve Siegel: For solo agers, these guides offer a lot to chew on. Whether you read one or all, you’ll learn something valuable. Even if you’re not a solo ager, there’s insight here for anyone planning ahead.
Robert Powell: Cindy, Stephen, thank you both for sharing your knowledge and wisdom.
Learn more about the research and guides:
- Survey of Financial Perspectives and Retirement Planning for Solo-Agers
- The Solo-Agers Decision Guide Resource Series | SOA
- Society of Actuaries Research Institute Releases New Guides and Survey Findings on Solo Aging Americans | SOA
