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Whether it’s by way of gray divorce, becoming a widow or simply not getting married in the first place, a growing number of retirees are single. The Census Bureau estimates 20 million to 22 million folks in the U.S. ages 65 and up are unmarried.
That signals significant opportunity for advisors. Indeed, clients’ and prospects’ martial statuses don’t diminish their need for high-quality professional advice, but when it comes to singles everything from adequate estate planning to emergency reserves to investment portfolios to deciding when to take Social Security is amplified for singles.
Not surprisingly, some of the issues confounding single retirees break along demographic lines and that’s something for advisors to be aware of.
“We see when we look at the data that historically women have sometimes pulled back from having the same equity exposures as men,” notes Christine Benz of Morningstar. “It’s really important that you have that growth potential for your portfolio, especially in the accumulation years. You might take advantage of some sort of managed account service or a target-date fund to help guide you into an appropriately equity-heavy portfolio mix.”
Advisors, Don’t Forget the Guys
Rightfully so, the wealth management industry is heightening its focus on women, particularly those in or close to retirement. However, that shouldn’t come at the expense of men. Not when data indicate more retired men are single today than are women, reversing a long-held trend over past decades.
Compounding the issue of being single in retirement for men is that if they got to that point as do-it-yourself (DIY) investors, they may be reluctant to embrace advisors at the very time they should consider doing so, potentially leading to missteps in portfolio management or timing of Social Security claiming.
“The key is that Social Security is a beautiful benefit to bring into retirement and that it’s inflation-adjusted. It will last as long as you do,” adds Benz. “If you can take steps to enlarge it by delaying filing, that rebounds to the benefit of your plan. It makes your demands on your portfolio that much less. Think about delaying all the way until age 70 if you have that average or longer-than-average life expectancy and you’re single and you’ve never been married.”
Something else men, regardless of marital status, often overlook is long-term care. It’s male nature to feel “invincible,” but that’s not reality. Advisors can help everyone stay on track when it comes to long-term care planning and it’s certainly a worthy pursuit.
“If we need help doing things around the house, or getting meals ready, or getting dressed, or whatever the case might be, if the well spouse is physically able, they may be able to provide that care” says Benz. “It’s just not there for single people. Maybe you have close people in your orbit who would be able to do those things for you, but lay that plan. I say, think about which of the three major categories you fall into.”
Don’t Overlook Young Clients
Obviously, the conversation about unmarried status and retirement focuses on, well, retirees and those close to arriving there. However, younger people aren’t exactly racing to the altar.
Yes, Cupid’s arrow can strike at any time and people can change their mind at any moment, but the reality is young people today aren’t getting married at rates comparable to prior generations. An oft-cited Pew Research Center survey from 2019 noted 38% of folks 25 to 54 were not married or not cohabitating with a romantic partner.
That implies that barring a significant shift in views on marriage, the number of single retirees will continue increasing, confirming this is a demographic advisors cannot ignore.
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