For solo agers, retirement and estate planning without a spouse or adult children can feel overwhelming. A recent article from AARP, “5 Retirement Planning Tips for Solo Agers,” reports that about a third of people over age 50 live alone and either don’t have children, are estranged from their children, or cannot depend on their children or other relatives for help.
Successful solo aging is no reason to plan; instead, it’s a reason to plan. This includes a detailed financial plan tailored to solo needs and an estate plan to protect you while you are living and protect assets after you have passed away.
Deciding whether you want to leave money to friends, relatives, or charitable organizations, or all three when you die, can help shape the retirement timeline. It can also help as you work with an estate planning attorney to create a plan to ensure that assets pass to intended heirs.
Be sure to review all retirement accounts and life insurance policies to ensure beneficiary selections are up to date. Someone who is divorced, for example, may not want their ex-spouse to receive their 401(k) account. Unless the beneficiary designation has been updated, this could happen. An account with a beneficiary designation goes to the person named on the account. Many cases have gone to court and failed to overturn the designation.
Long-term care is difficult to consider. However, federal health data show that after age 65, most Americans will need long-term care during their lifetimes. This should be addressed both in estate and financial plans. Long-term care insurance should be obtained, if possible, the earlier the better.
Solo agers need to decide who will be appointed as the power of attorney, healthcare power of attorney and executor. If this is challenging, speak with an estate planning attorney about your alternatives to direct family members. In the case of incapacity, if no estate planning is done, decisions about your medical care and finances will be made by your state’s law.
Here are the four key estate planning documents:
Medical or health care power of attorney. This is the person whom you choose to make medical decisions on your behalf.
Living Will. This document is part of an advance directive that spells out your wishes for medical care if you are near the end of life.
Financial power of attorney. This document allows someone to handle your money matters, such as paying bills or dealing with credit card companies.
Last will and testament. Your will determines who inherits assets when you die and names an executor to handle your estate. Without a will, a judge will appoint an administrator who will determine who gets your assets according to your state’s laws.
For solo agers, retirees and young families, an estate plan is a means of protection during and after life. It’s how we prepare for the future, whatever it may hold.
If you’re ready to start planning your future, book a consultation with Hudson Legacy Law today.
Reference: AARP (March 3, 2026) “5 Retirement Planning Tips for Solo Agers”