The number of older adults living alone is rising quickly in the U.S., yet relatively few of these so-called solo agers feel confident about their ability to age safely on their own, according to a new AARP survey.

About 24 million Americans ages 50 and older now live alone. That amounts to roughly 20% of the U.S. population between ages 50 and 95. Among people 75 and older, about half qualify as solo agers, AARP reported. In 1950, only 9% of seniors lived by themselves.

AARP defines solo agers as adults 55 or older who are not married, live alone, and do not have an adult child to rely on. 

Experts, including researchers at the Society of Actuaries, say this group is growing and faces distinct risks: greater chances of loneliness, fewer social support networks, and heightened concerns about health care, finances, and decision-making in emergencies.

Below is a transcript, edited for clarity and brevity, of my interview with Dana Anspach, CEO and founder of Sensible Money, in which she explains the challenges of solo aging from a financial planner’s perspective.

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The challenges of solo aging

Robert Powell: Older adults, especially solo agers, face a long list of challenges as they grow older. These include managing finances, meeting housing needs, keeping legal and financial documents updated, and planning for a support network. Joining me to talk about all this is Dana Anspach, CEO and founder of Sensible Money. Dana, welcome.

Dana Anspach: Bob, it’s a tough topic we’re diving into today.

Robert Powell: Where to begin?

Personal experience with solo aging

Dana Anspach: Solo aging is interesting. My mom is in that situation. Fortunately, I have a strong relationship with my brother and sister. They’re half-siblings, but we don’t feel half. We recently hired an attorney to get all my mom’s documents in order. We’ve had to put money into her house to ensure it’s safe and livable, and we want to make sure her assets are protected.

My brother and sister rely on me and trust me because I know how to navigate this field. If you’re in that position for a parent, that’s wonderful. But if you’re the elder who is or will be a solo ager – without someone like that – the decisions become even more challenging.

Loneliness, support networks, and community

Robert Powell: The Society of Actuaries released a new survey showing 35% of solo agers feel a lack of companionship, and only 26% feel confident that their support network – whether friends, family, or neighbors – can meet their needs as they age.

Dana Anspach: I was thinking about those statistics. When we’re working, we often have a built-in support network through coworkers and colleagues. We don’t think of it that way, but we get advice, learn about resources, and hear suggestions like “You should talk to this person,” or “Here’s a book that could help.”

As you get older, if you haven’t developed that sense of community, it becomes harder to find resources, assistance, and guidance. Sometimes it’s as simple as someone saying, “I never thought of that before – I’ll go do that.” We need that input. Community isn’t just about happiness in retirement. It’s about staying connected enough to get the help and information you need.

How older adults can build a support network

Robert Powell: We talk a lot about what people need. But the how is often the hard part. How do you build a support network?

Dana Anspach: I’ve lived a version of this. I was single for a long time and assumed I would be a solo ager. Even now, being married doesn’t eliminate the need for a support network.

I once had a great group of friends, and slowly they all moved away. I spent nearly a decade trying to rebuild that community. A few years ago, I joined the Women Presidents Organization, and I’m finally developing that sense of community again. But it took work and intentionality.

It can start with hobbies – a walking group, quilting, gardening, bird watching, travel. You have to put yourself out there and not get discouraged. You may try a group and realize it’s not a fit. You have to go multiple times for friendships to develop. It takes tenacity. If you keep putting yourself out there, eventually you find your people.

Why social connections matter

Robert Powell: The more friends people have, the longer their lifespan tends to be.

Dana Anspach: Absolutely. Some of our clients have chosen to move into 55-plus communities because of the built-in social activities. It’s less work to build a network. You can just show up to one of the many weekly events and slowly find your group – whether it’s checkers, chess, bridge, poker, or something else.

One of my clients loves bridge. Another has a regular poker night. Whatever your thing is, you need people to hang out with, learn from, and talk to.

Preparing for physical and cognitive changes

Robert Powell: The SOA survey said older adults worry about physical and cognitive changes. Many are taking steps to prepare – designating emergency contacts, setting up memory aids, creating medical and financial powers of attorney. Do you see that in your practice?

Dana Anspach: We do. Many of our clients are natural delegators – that’s why they’ve hired financial advisors. They want their affairs in order. Over time, we review documents or recommend changes.

For example, early on, someone may name a guardian for minor children as successor trustee, but 10 years into retirement, those children are adults who may now be appropriate executors or health care proxies. In other cases, family dynamics mean hiring a third party is more appropriate.

There are estate-planning attorneys, professional fiduciaries, and bank trust departments that can serve as executors, trustees, conservators, or guardians. If you’re a solo ager without children, you’ll likely need a professional to fill these roles.

How to find a professional fiduciary

Robert Powell: And you have some advice about how people can go about finding that help.

Dana Anspach: Yes. Everyone says, “You need to find someone,” but then the question is, “Where?” For years, I listed a close friend as my successor trustee, but after she married, I didn’t want to add to her responsibilities. So I named my brother. But he’s younger than me. If I outlive him, that’s not a long-term solution. And my husband, bless him, is not a finance person.

So I’ll need to hire a professional fiduciary. I thought I’d love to name someone in my firm, one of our planners, but legally we can’t serve in that capacity for clients. We can help in many ways, but not where we would have custody or decision-making authority over assets.

A simple Google search is a good start. Before this interview, I typed: “Maricopa County court-approved fiduciary.” With today’s AI tools, I even got a helpful summary and links. Another search, “professional fiduciary Phoenix,” was trickier because many advisory firms came up — we use the term fiduciary too, but that’s not the type you need.

The language is confusing. You’re looking for a licensed professional fiduciary who can serve as executor or successor trustee, represent you in court, and handle estate or conservator duties. That’s a specific license and role.

One tip: Choose a firm, not an individual. An older attorney, for example, may retire right when you need them. If you choose an individual fiduciary, they may move, change careers, or have their own health issues.

A firm has systems, staff, and trained successors. If the person assigned to you leaves, another licensed professional can step in. When you’re incapacitated or pass away, you want a firm with structure, staff, and continuity.

Getting help with home maintenance and daily needs

Robert Powell: The SOA survey also mentioned older adults need help with household tasks – lawn and yard care, automotive maintenance. Any advice for how to find reliable help?

Dana Anspach: It’s tricky because door-to-door solicitations can raise fraud concerns. Don’t pay anyone up front.

A good place to start is a neighborhood app like Nextdoor. You can request recommendations from neighbors who have vetted service providers. That also helps you build community.

There are also websites where you can find prescreened providers – plumbers, roofers, handymen – with verified reviews. We’ve used them to hire people for various repairs. The specific sites change over time, but the idea is to use platforms where people are vetted rather than random flyers or solicitations.

Emerging “villages” and local support systems

Robert Powell: There’s also a national movement creating “villages,” where neighbors help neighbors age in place. They share recommendations for electricians, plumbers, and handyman services, forming a sort of naturally occurring retirement community.

Dana Anspach: Yes – house cleaning, small repairs, garbage disposal fixes, dishwasher troubles. I was single for many years and always looking for help around the house. I’m handy with spreadsheets, not with tools. So I constantly needed reliable people.

Older adults and technology adoption

Robert Powell: Another SOA finding: Many solo agers are embracing technology. They’re texting, using social media, and managing finances online. Technology has become essential.

Dana Anspach: I think it’s critical. If you live near an Apple Store, you’ll see constant classes and tutoring sessions. If not, you can have someone come teach you how to use your devices.

We shouldn’t expect people to automatically know how to use technology. Even I regularly learn new things about my car, computer, or phone.

Be patient with yourself. Be okay being a beginner. You might ask someone to teach you Facebook, or how to navigate your phone settings. You may not want someone seeing your banking information, but you can still learn the basics from a tutor or trusted person.

Technology is too important to ignore.

Society of Actuaries and WISER offer useful guides

Robert Powell: The SOA, with WISER, also published guides to help people with financial management, legal documents, and housing decisions. You reviewed some. Thoughts on their usefulness?

Dana Anspach: They’re great overviews of the decisions people must navigate. One guide covered changing housing needs – a big factor for many.

You need to ask: Can I age in place? Is my current home suitable?  If not, you want to make the decision to move while you still have the energy and cognitive ability to navigate a transition.

I once visited a woman with no nearby family or community. Her husband had died, and she lived alone in a beautiful home, but she was beginning to show cognitive decline. She desperately wanted to move closer to her sister, but the thought of finding movers, choosing a new place, and coordinating everything was overwhelming. She was paralyzed.

That’s what you want to avoid. Start planning a decade earlier than you think you need to.

Why a long-term planning horizon matters

Robert Powell: Interesting you mention planning ahead. I’m about to interview Sarah Holden at the Investment Company Institute. Her research found that people with a planning horizon of 10 years or more tend to have better retirement outcomes than those planning fewer years ahead.

Dana Anspach: It’s hard to think that far ahead. Ten years ago, I couldn’t have predicted what my life would look like today. But I’m a planner by nature, and having a long-term plan has been a godsend.

Many people think in short time frames. Next year is easy to picture. Three or five years gets harder. Ten feels unimaginable. That’s where the SOA resources help. Even if you don’t act today, simply thinking about whether your home is suitable for aging, whether you’d consider a continuing care community, and under what circumstances you might move – that thinking alone can make a huge difference.

You’re not just thinking about what you want but how to align what you want with your financial reality.

The role of a financial planner in solo aging

Robert Powell: And that’s where I think a financial planner can help. People might not think about these issues while working unless someone prompts them.

Dana Anspach: Exactly. An adviser can help you think through the issues, connect you to resources, or introduce you to professionals who specialize in things like locating appropriate assisted living or continuing care communities.

We often refer clients to consultants who know all the local facilities and can match people with a community that fits both their needs and their budget. Finding those consultants on your own can be difficult.

A financial planner can also run the numbers:

• “Can I afford this move?”
• “What will this decision mean long-term?”

Sometimes clients forget they have a long-term care policy that might help. Some health plans even cover small home modifications, like grab bars or ramps. A planner can help you identify those benefits.

Couples can become solo agers, too

Robert Powell: We’ve covered a lot. Anything else worth reemphasizing?

Dana Anspach: Yes. We’re talking about solo agers, but being married doesn’t mean you aren’t one. You may have a spouse who isn’t the financial decision-maker. Or you may be part of a couple today, and your spouse may pass first. You may eventually become a solo ager, even if you aren’t one now.

We have a client in that situation. She has two adult children, but we’ve noticed cognitive changes. We strongly recommended she add one as power of attorney. She hasn’t done so. Sometimes cognitive decline creates distrust — a belief that people are “after you.” She may no longer fully understand what a power of attorney means.

It’s a challenging situation. That’s why doing this early is so important. You want your documents in place long before there’s any cognitive impairment.

In her case, we’ve become something of an advocate. We’re not professional fiduciaries in the legal sense, but she listens to us. We provide a reasonable voice when she’s confused or considering actions that don’t make sense.

The importance of a trusted contact

Robert Powell: FINRA-regulated firms require a “trusted contact” form, and the SEC recommends one. Do older adults need to have a trusted contact on file with their advisor?

Dana Anspach: Absolutely. A trusted contact has no authority over the account and cannot view balances or request transactions. But if we can’t reach the client, or we observe unusual behavior, we’re authorized to call that person.

Internally, we’ve talked a lot about how to make those calls without revealing sensitive information. We might say: “We’re calling on behalf of so-and-so. We’ve been unable to reach them, or we’ve noticed something unusual. Are you aware of anything we should know?”

Social media platforms also allow you to name someone who can take over your account after death. Those “digital heirs” are important, too.

Why older adults often get less for their homes

Robert Powell: One last curveball. A new study found older homeowners often get less when selling their homes compared with younger sellers. Researchers found three causes:

1. Deferred maintenance
2. Off-MLS “pocket listings” limiting the buyer pool
3. Sales to investors taking advantage of older adults

For those whose home is their biggest asset, what advice would you give to prevent underselling?

Dana Anspach: I read that article – probably because you sent it to me. It raised an important point: There’s a tradeoff between time, energy, and money.

To maximize a home sale, you must:

• Make repairs
• Paint or update rooms
• Stage the home
• Allow frequent showings
• Sometimes leave the house during viewings

That’s a lot for older adults. Some may decide, “I know I’ll get less, but I don’t want the disruption.” That may not be exploitation – it may be a conscious choice.

But ideally, yes, people should get objective advice on what improvements provide the greatest return and whether selling through the MLS would meaningfully increase offers.

Related: Estate planning tips every blended family needs to know