You don’t need a partner to retire well. But you do need a plan and the right people in your corner.
Whether you are single by choice, divorced, widowed, or simply aging without a nearby family support system, the financial landscape of solo aging is real and often underserved. Most financial planning resources are designed with couples in mind: dual incomes, shared expenses, backup caregivers. When you are planning for one, you have to think differently.
That is exactly why Total Alignment Charitable is hosting this free webinar. We believe that financial planning is not a luxury reserved for the wealthy. It is a tool of dignity, one that every person deserves access to, regardless of income, relationship status, or family structure. Below, we walk through the four pillars we will explore together.
1. Building retirement income when you are planning for one
Two-income households benefit from a financial cushion that solo agers simply do not have. If one partner’s income dips, the other can cover. If one Social Security benefit is lower, the other can compensate. Solo agers bear the full weight of their income strategy, which means the margin for error is narrower and planning must be sharper.
The good news: a well-constructed solo retirement strategy can be remarkably resilient. It just requires intentionality across a few key areas:
Maximizing your Social Security benefit by understanding your optimal claiming age, the difference between claiming at 62 versus 70 can be tens of thousands of dollars over a lifetime.
Building multiple income streams: employer retirement accounts, IRAs, taxable brokerage accounts, and even income-generating assets like dividend stocks or real estate.
Planning for a longer horizon. Women, in particular, statistically outlive men by several years — your money may need to work for 30 or more years in retirement.
Understanding the true cost of living alone. Solo households pay a “singles tax”: one rent, one utility bill, one grocery run, without a second income to offset it.
The most powerful move a solo ager can make is to treat retirement savings as non-negotiable, not what is left over at the end of the month, but the first line item in the budget.
2. Planning for long-term care before you need it
Long-term care is the single greatest financial wildcard in retirement, and it hits solo agers hardest. When a couple faces a care need, one partner often becomes the caregiver, significantly reducing costs. When you are aging alone, paid care is often the only option.
The average cost of a private room in a nursing facility now exceeds $100,000 per year. Home health aides, memory care facilities, and assisted living are not far behind. Medicare covers very little of this. Medicaid covers more, but only once you have spent down nearly all of your assets.
During the webinar, we will explore your actual options:
- Traditional long-term care insurance, who it is right for, what it covers, and how to evaluate a policy.
- Hybrid life/LTC policies that combine a death benefit with care coverage, so the premium is never “wasted.”
- Self-insuring through a dedicated care reserve, a separate savings bucket earmarked exclusively for future care needs.
- Medicaid planning strategies for those with limited assets who may qualify for public benefits.
3. Creating your personal board of advisors
One of the most overlooked aspects of solo aging is not financial at all; it is relational. Couples naturally serve as decision-making partners, health advocates, and emergency contacts for each other. Solo agers need to intentionally build that support system.
Think of it as your own personal board of advisors: a trusted circle of people and professionals who can help you navigate decisions, financial, medical, legal, and personal, especially in moments when you may not be able to advocate for yourself.
Your board might include:
- A financial planner or trusted financial advisor who understands solo aging dynamics.
- An estate planning attorney who can ensure your documents are current and your wishes are legally protected.
- A healthcare proxy is someone you trust explicitly to make medical decisions if you cannot.
- A trusted friend or family member is named as a durable power of attorney for financial matters.
- A geriatric care manager, especially as you age into your 70s and 80s, can coordinate care and advocate on your behalf.
- A community anchor — whether a religious institution, neighbor network, or senior center — that provides connection and early awareness if something is wrong.
The goal is not to replace a partner. It is to build a circle of people who know you, care about your well-being, and are empowered to act on your behalf when it matters most.
4. Estate planning essentials for solo agers
Estate planning is not just about what happens after you die. For solo agers, it is equally, maybe more , about what happens if you become incapacitated, temporarily or permanently, during your lifetime. Without a partner to step in automatically, the legal frameworks need to be in place before a crisis arrives.
The four documents every solo ager must have:
- A will: directs how your assets are distributed after death and names an executor to carry out your wishes.
- Durable power of attorney: authorizes a trusted person to manage your finances and legal affairs if you are incapacitated.
- Healthcare proxy / medical power of attorney: designates someone to make medical decisions on your behalf.
- Advance healthcare directive (living will): specifies your end-of-life care preferences, so no one has to guess.
Beyond documents, solo agers should also review beneficiary designations on all retirement accounts, life insurance policies, and bank accounts. These designations override your will, meaning if your ex-spouse is still listed as a beneficiary on your 401(k), they will receive that money regardless of what your will says.
We will also cover the basics of trusts, when they make sense, the costs involved, and how they can help you avoid probate and maintain privacy after death. Make sure to join us at the free session.