Financial planning for solo agers covers mostly the same ground as anyone else's retirement planning — with a few extra items that matter more when there's no spouse to share costs or a child to help manage accounts.
Plan for long-term care costs specifically
This is the single biggest financial variable for solo agers. With a spouse, there's often an assumption (not always accurate, but common) that a partner will provide some care informally. Without that, more of your long-term care needs are likely to be paid, professional care. Look into long-term care insurance while you're still healthy enough to qualify, and understand what Medicare does and doesn't cover (notably: it covers very limited long-term custodial care).
Consolidate and simplify accounts
Fewer accounts means less for a future power of attorney to untangle, and less that can be forgotten or lost track of. Consider consolidating old 401(k)s, closing redundant bank accounts, and keeping a single, current list of everything that exists — stored somewhere your POA can access it.
Make sure someone besides you can access your money
Even with a will, assets can be frozen or difficult to access without proper account titling, beneficiary designations, or a funded trust. A few practical steps:
- Confirm your accounts have up-to-date beneficiary designations
- Discuss with an estate attorney whether a revocable living trust makes sense for you, which can simplify access and avoid probate
- Make sure your financial power of attorney knows which institutions hold your accounts
Budget realistically for paid help
Tasks a spouse or adult child might do for free (rides, home repairs, help with technology, occasional caregiving) often need to be budgeted as paid services for a solo ager. It's worth building this into your retirement budget explicitly rather than assuming it'll sort itself out.
Don't skip the estate basics
A will, updated beneficiary designations, and clarity about who inherits what avoids your estate defaulting to state intestacy laws, which rarely reflect what an unmarried or childless person would actually want.