Tom West is a Senior Partner with Signature Estate & Investment Advisors, LLC, providing personalized financial planning and investment services to families in the Washington DC metro area.

Suzanne Schmitt is a financial wellness expert with nearly two decades of industry experience in consumer insights, product development and positioning, and marketing and market enablement in financial services.

In this episode of The Family Financial Conversation, Tom and Suzanne focus on the phenomenon of solo aging, discussing its broad scope beyond traditional definitions and its implications for financial planning strategies tailored to individual circumstances.

Topics they also discussed:

• Defining solo aging: Not limited to those who never married but includes divorcees, childless individuals, and those estranged from family.
• Statistics on estrangement from family and the prevalence of solo aging.
• Categories of solo aging: intentional (by choice) and circumstantial (by chance).
• Importance of financial planning for solo agers, especially as they approach age 50 and experience life events such as caregiving, job changes, divorce, or loss of a spouse.
• Risks for solo agers, including lack of support networks and susceptibility to exploitation by outside influences.
• Advising solo agers by understanding their unique circumstances and needs, including proactive planning, building strong support networks, and being aware of potential vulnerabilities.
• Encouragement for advisors to approach solo aging discussions openly and pragmatically, as clients may welcome the support and guidance.

Resources: Signatura Estate & Investment Advisors, LLC.

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