Nearly half (46%) of American adults are single, according to U.S. Census data, fueling a demographic shift that is pushing more advisors to design financial plans specifically for “financially solo” clients.
Ameriprise's new Flying Solo: Navigating Financial Autonomy study found that 75% of surveyed individuals expect to remain financially solo for the long term. The survey spanned more than 3,000 single Americans with an average age of 65 and $700,000 in average investable assets. Respondents were either single‑never‑married, divorced, or widowed.
“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 and it’s so important to us to meet this moment,” said Anna Shaw, wealth manager with 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.”
Slightly over half of individuals surveyed by Ameriprise were already working with a financial advisor, and 80% of those surveyed said that even if they became partnered in the future, they would still keep their finances solo and separate from their partner’s finances.
“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,” Deana Healy, VP of financial planning & advice at Ameriprise, told InvestmentNews. “That to me is a really positive message for advisors to realize they play such an important role for this particular group of people.”
The top concerns for surveyed single adults were ranked as running out of savings (43%), affording long‑term care (42%), becoming a burden to others (41%) and not having someone for emotional support as they age (30%).
“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 (Medicare Income-Related Monthly Adjustment Amount),” said Josh Strange, president of Good Life Nova. “Estate planning can be especially involved for single clients with no children, since they may not have the people in their lives who would typically serve as primary beneficiaries or decision-makers.”
Among financially solo women, 54% said their legacy goal is “not being a financial burden to anyone.” Nearly a third (31%) of surveyed single women said they are most proud that they won’t be a burden on others.
“Single clients tend to think more intentionally about charitable giving, often incorporating it into wills or other estate plans,” said Dean Ossola of Ossola Wealth Management. “Most solo clients feel underfunded for retirement, haven't thought about long-term care, but usually have healthy life insurance in place that they themselves will not benefit from during their lifetimes.”
About 60% of single adults surveyed by Ameriprise did not have a formal will in place. Fewer than half (41%) updated legal documents such as a health care directive, and just 38% had a financial power of attorney.
“These decisions can feel less urgent without a spouse or children prompting action," said Erin O’Connor-Bell, wealth director, financial planning and client experience at Aprio Wealth Management. “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. Education and clear framing around personal protection make a significant difference.”
Advisors across the board agreed that their conversations with single clients often extend beyond finances, such as discussing the pros and cons of moving or other lifestyle change decisions. Among Ameriprise's surveyed single adults who work with an advisor, Nearly half (47%) say they turn to their advisor for emotional support as they navigate major decisions.
“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?'” said Shaw. “It sounds odd, but for the right advisor that cares deeply about their clients, it can be the biggest joy of our professional lives to show up for our people in this way.”
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