Navigating your future solo
Whether you’re single by choice, through divorce, or after the loss of a partner, your life, finances, and estate plan deserve a strategy designed just for you.
At Axis Estate Planning, we help individuals create tailored plans that protect independence, preserve assets, and provide clarity for loved ones—no matter what the future brings.
The realities of retiring solo
Living alone in retirement is more common than ever. As of 2023, about 28% of adults aged 65+ live alone—roughly 6 million men and over 10 million women. While independence has many rewards, it also comes with unique financial considerations.
Research shows:
- Nearly 1 in 3 single retirees experiences more financial strain than those with partners.
- Fewer than 15% of singles over age 75 can comfortably afford both housing and long-term care.
Proactive planning makes a difference. Downsizing, creating supplemental income streams, and setting realistic budgets can help safeguard your lifestyle for the long term.
Essential documents for singles
Without a spouse to step in, it’s even more important to have clear legal instructions in place. At minimum, consider:
- Durable Financial Power of Attorney — Someone you trust to manage your finances if you’re unable to.
- Health Care Proxy / Living Will — A person to make medical decisions in line with your wishes.
- Will or Trust — Ensures your assets go to the people or causes you choose, not just according to default state laws.
- Digital Asset Plan — Instructions for accessing online accounts, stored photos/videos, and other digital property.
At Axis, we ensure these documents are up-to-date, enforceable, and easy for your chosen decision-makers to access when needed.
Flexible strategies for wealth & estate management
Singles benefit from tools that allow both control and flexibility, such as:
- Revocable Living Trusts — Maintain privacy, manage distributions, and potentially avoid probate.
- Tax-Smart Gifting — In 2025, the lifetime gift tax exemption is $13.99 million, with an annual exclusion of $19,000 per recipient. Strategic giving can reduce taxable estates.
- Charitable Planning — Charitable trusts can support causes you care about while providing income and tax advantages during your lifetime.
2025 changes singles should know
- More retirees living solo — Independent living requires custom planning for housing, health care, and social connection.
- Updated retirement strategies — Outdated rules like the “4% withdrawal rule” may not fit longer lifespans or changing markets. Flexible, personalized withdrawal plans are key.
- Tax relief opportunities — Seniors 65+ can claim a $6,000 senior bonus deduction ($12,000 for joint filers) in addition to a higher standard deduction ($15,750 single / $31,500 joint). SALT deduction cap rises to $40,000 for those under $500k income—especially helpful for solo homeowners.
- Risks of living alone — Higher chances of unaffordable care, social isolation, and reduced benefits. Proactive planning can minimize these risks.
- Ongoing estate planning — Any major life change, new asset, or legal update should trigger a review of your plan.
Keep your plan current
Your estate plan isn’t a “set it and forget it” document. Periodic reviews ensure it reflects your current wishes, meets today’s laws, and covers all assets—physical and digital.
At Axis, we recommend reviewing:
- Wills and trusts
- Beneficiary designations
- Powers of attorney
- Health care directives
every 3–5 years, or sooner after major events.
Retirement with purpose
Retirement today is about creating a fulfilling next chapter. Many singles choose phased retirement, part-time work, or passion projects to stay active and financially secure.
A mid-year financial review can help you:
- Check your net worth and investment performance
- Update insurance coverage (including long-term care)
- Confirm beneficiary designations
- Ensure your plan aligns with your goals
The bottom line
Being single doesn’t mean being unprepared. With thoughtful planning, you can protect your independence, honor your wishes, and give peace of mind to the people you care about.
Ready to create your personalized plan?
Plan for the future and protect your legacy.
Visit Us: 900 Wilshire Drive, Suite 105, Troy, MI 48084
Call Us: (248) 251-1001
Learn More: www.axisattorneys.com
