If you’re a solo ager and approaching retirement, you probably worry about whether you have enough money to support yourself. But other concerns are just as important. Who will notice if you have a health or financial problem? Are there people you trust who are willing and able to help you with tasks you cannot handle yourself? Unfortunately, many solo agers lack a strong support network to look out for them, risking their health and finances.
Why Solo Agers Need a Support Team
Married couples, parents, and those with close family nearby typically have someone who will recognize if they need assistance as they age. Even if their children live far away, they might check in or visit periodically. Of course, this doesn’t always happen, but generally, these individuals feel somewhat protected by their family.
Solo agers often do not have that built-in support system. That doesn’t mean they are destined to face aging alone. It does mean they need to be more intentional and proactive about creating a safety net.
They need to have people in their lives who will notice little things going wrong before they become big problems. Without this, financial mistakes, fraud, and health and cognitive issues can go unnoticed for months, causing significant damage.
Your Safety Net Doesn’t Have to Be Close Family
A strong support network can include a variety of people:
- Trusted friends
- Relatives who live farther away
- An attorney
- An accountant
- A financial advisor
- A healthcare advocate or care manager
- A daily money manager
Each person can play a different role. Together, they create a team that helps protect your financial well-being and quality of life.
Build Your Team Before You Need It
One of the biggest mistakes people make is waiting for a crisis before putting support in place. The best time to select your team is when you are healthy, independent, and able to make thoughtful decisions about who you trust.
Consider who could help if:
- You were hospitalized unexpectedly.
- You had trouble taking care of yourself and/or your home for health reasons, whether temporarily or permanently.
- You became the target of a financial scam or were making poor financial decisions.
- You could no longer manage bills and paperwork on your own.
- A family member, healthcare provider, or other individual needed information about your finances or wishes.
If you don’t have a plan for these situations, you will either be scrambling for assistance at the worst possible time, or a person will take control of your affairs who you may not want or who is unprepared for the burden.
Ensure Your Team Has the Information and Legal Authority to Help
Once you have chosen your team, you must make sure they understand and agree to their roles and have what they need to act if they must step in. They should be familiar with your wishes, where you keep relevant health, financial, and legal documents, and have the names of other important contacts.
These individuals also need the legal authority to manage certain aspects of your life if you are unable to do so. You should consult an attorney to put key documents in place, such as:
- A durable power of attorney for financial matters
- A healthcare proxy and living will to address medical issues
- A will or trust to protect and distribute assets as appropriate for your situation
Without taking these steps, your support network will not be able to step in quickly, make decisions on your behalf, and help ensure your wishes are carried out.
Don’t Feel Bad About Asking for Help
Many solo agers feel embarrassed about their situation, worry that they are burdening others, or believe they should be able to handle everything themselves. But asking for support is not a sign of weakness. It enables you to be independent longer and in control of your affairs, whether directly or through the individuals you choose. Most people are also happy to help someone they care about, especially when it is discussed in advance. Building a support network today ensures you have people you can trust who have agreed to assist if or when you need it.
As a daily money manager, I work with many solo agers as a trusted professional who can help manage their day-to-day finances. Whether they hire me because they lack time or have health problems, I can monitor their income and expenses, pay bills, handle paperwork, work with their advisors, and act in a fiduciary capacity as trustee or power of attorney if needed. I can be one of the people who notices when something is wrong and helps protect you from financial risks, so you can feel more confident as you age.
To learn more and discuss your situation, contact me for a free consultation.
