Key Takeaways:
More than 12.5 million Americans over 50 are navigating retirement without a spouse or children, creating a growing demand for alternative estate planning solutions.
Amy Kant, 65, knew she needed a power of attorney a decade ago after watching a friend die. She still has not appointed one — a delay shared by millions of solo agers across the United States.
"It all falls on me," said Kant, a former organizational development consultant in Watertown, Massachusetts, who is single with no children.
Roughly 10 percent of the more than 125 million U.S. adults ages 50 and older — at least 12.5 million people — live alone without a spouse or child, according to an AARP analysis of census data. The demographic is growing as divorce rates among older Americans climb and more adult children become estranged from their parents.
Without a will, power of attorney, or healthcare proxy, solo agers risk leaving financial and medical decisions to state courts — a process that can cost thousands of dollars and take months to resolve, according to estate planning attorneys. The average cost of a guardianship proceeding ranges from $3,000 to $10,000 in legal fees, depending on the state, with contested cases running significantly higher.
The Estate Planning Gap
Kant's situation illustrates the broader challenge. She has a healthcare proxy — a longtime college friend — and maintains a spreadsheet of friends who coordinate visits during her illnesses. But she has not yet signed a financial power of attorney, a document that would allow someone to manage her bank accounts, pay her bills, and handle tax filings if she becomes incapacitated.
"I honestly have a bit of confusion because I want to help everyone, which is a bit absurd," Kant said when asked about dividing her assets.
Under New York's power of attorney law, third parties such as banks and financial institutions can confirm the validity of a power of attorney before accepting it, according to N.Y. Gen. Oblig. Law Sections 5-1501 to 5-1513. The law also provides a process for principals and agents to hold third parties accountable for refusing to accept a statutory power of attorney. Yet banks frequently reject powers of attorney over liability concerns, creating a practical barrier even for those who have the documents in place.
"Getting a conservatorship or guardianship is long and often quite expensive," said Jill Mastroianni, an attorney and host of the Death Readiness Podcast. "If you are going to see a family disagree, this is where they are going to disagree the most."
Housing and Financial Pressures
Kant's experience also highlights the housing challenges facing solo agers. She owns a condominium outside Boston with stairs that have become difficult to navigate after back surgery and a heart valve replacement. She is researching 55-plus communities but faces a trade-off: selling her home means walking away from a 3.75 percent mortgage rate and likely moving to a more affordable neighborhood, away from her core social circle.
The financial math is unforgiving. A middle-class family lost roughly 30 percent of real purchasing power between 2006 and 2026, even factoring in nominal wage increases, according to Chad Cummings, an attorney and certified public accountant at Cummings & Cummings Law. Housing and healthcare costs have climbed faster than wages, compounding the pressure on retirees without family support networks.
Kant maxed out traditional retirement account contributions during her 40s while working as a fundraiser and later used a solo 401(k) as a self-employed consultant. She feels OK about her nest egg but worries it could shrink if the stock market falls from record levels. Once she recovers from heart surgery complications, she plans to return to part-time consulting.
A One-Year Deadline
Kant has given herself a one-year deadline to complete her estate-planning documents. She needs to draft a will, decide how to divide her assets, and formally ask a friend to serve as her power of attorney — a conversation she has delayed for years.
Leaving assets to nonrelatives often requires planning with trusts to prevent distant biological relatives from contesting the wishes of the deceased, said Avi Kestenbaum, a partner at Meltzer, Lippe, Goldstein & Breitstone.
The broader implications extend beyond individual families. As the solo-ager population grows, financial advisors, banks, and estate planning attorneys face rising demand for services tailored to clients without traditional family structures. Trust companies and professional fiduciaries are increasingly positioning themselves to serve this market, offering trustee and executor services for a fee typically ranging from 1 percent to 2 percent of assets annually.
Kant processes her shifting future through painting. She created a series about being alone but part of a larger world, and a collection of autumn leaf portraits that explore aging and decay.
"I am thinking about what my legacy will be," she said.
This article is for informational purposes only and does not constitute investment advice.
