Nearly half (46%) of American adults are single, according to U.S. Census data, a demographic shift that is prompting more financial advisors to design plans specifically for clients navigating retirement without a partner. The trend, often called "financially solo" planning, is gaining traction as advisors recognize the distinct challenges these clients face.
A new study from Ameriprise Financial, titled Flying Solo: Navigating Financial Autonomy, surveyed more than 3,000 single Americans with an average age of 65 and roughly $700,000 in investable assets. The research found that 75% of respondents expect to remain financially solo for the long term, whether by choice, divorce, or widowhood.
“We’re absolutely seeing growth in financially solo clients—whether single by choice, divorced, or widowed. It’s one of the most meaningful shifts in planning right now,” said Anna Shaw, a wealth manager at Coldstream Wealth Management. “Every decision—saving, investing, insurance, choosing to start a family, retirement timing—carries more weight because it all rests on the shoulders of one person.”
Among the surveyed group, slightly more than half already work with a financial advisor. Notably, 80% of those who are currently single said they would keep their finances separate even if they later became partnered. Deana Healy, vice president of financial planning and advice at Ameriprise, noted that advisors play a critical role for these clients. “It was really clear that those who were financially solo valued the advice that they got from an advisor. It helped them feel more confident, and it was a place they could go to bounce financial decisions off when they perhaps didn't have that in their life with a partner,” she said.
The top concerns for single adults include running out of savings (43%), affording long-term care (42%), becoming a burden to others (41%), and lacking emotional support as they age (30%). Josh Strange, president of Good Life Nova, highlighted specific planning gaps: “The main issues we tend to encounter involve tax planning, especially for clients with large IRAs and qualified plans, as well as long-term care and estate planning. Financially solo clients often face a steeper move into higher tax brackets, which can also affect IRMAA.”
Estate planning is a particular weak spot. About 60% of single adults surveyed did not have a formal will, and fewer than half (41%) had updated legal documents such as a health care directive. Only 38% had a financial power of attorney. Erin O’Connor-Bell, wealth director at Aprio Wealth Management, explained that these tasks often feel less urgent without a spouse or children prompting action. “However, once solo clients understand the implications and complications of not having documents like powers of attorney or health care directives in place, adoption often increases quickly,” she said.
Advisors also report that conversations with single clients frequently extend beyond traditional financial topics. Nearly half (47%) of those working with an advisor said they turn to that advisor for emotional support when making major life decisions. Shaw added, “Solo clients tend to use us as a sounding board for major decisions—career changes, home purchases, retirement timing, even questions like 'Am I thinking about this the right way?'”
For advisors, the growing solo demographic represents both a challenge and an opportunity. As the Northwestern Mutual Index recently showed, advisors can significantly boost client sentiment. Similarly, understanding what drives working Americans to seek financial advice is key to serving this population effectively. Firms like Ameriprise are already adapting their practices to meet the needs of financially solo clients, recognizing that tailored planning is essential for this growing segment.
