We’re all familiar with the TV commercials depicting older Americans enjoying their retirement at the beach house or with the grandchildren. But that is not always the reality of retirement. There is also the so-called “solo-ager.”
These are people that live alone, are single, and have no children or grandchildren in their lives. The Society of Actuaries Research Institute (SOA) and the Women’s Institute for a Secure Retirement (WISER) conducted a survey that includes resources to help solo-agers understand and plan for decisions that affect them later in their lives.
About 67% of solo-agers are confident that a support network (such as friends, family and neighbors) will provide for them as they age. Other community members that they rely on include faith-based friends, co-workers and members of a club.
Solo-agers who report being in fair or poor health are significantly more likely to say they often feel they: Lack companionship (48% vs 31% good or better health), are isolated from others (42% vs 21% good or better health) and are left out (37% vs 15% good or better health).
Solo-agers are, however, taking steps to manage finances. Many of these solo-agers are taking steps to manage their finances, with half reviewing their savings and two in five drafting an estate plan or will, creating a budget, and reviewing their investment portfolio. Also, 35% are reviewing individual retirement accounts and 32% are creating a financial plan.
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