Based on a highly unscientific advertising survey, we would conclude that most marketing for retirement planning services – including ads for financial planners, insurance agents, and estate planning attorneys – is aimed at couples. Statistically, that makes some sense, since the majority of U.S. adults (about 60 percent of those 35 and older) are married and residing with a spouse.

But that still leaves a huge number of American adults – more than 72 million age 35 and older – living on their own. These singles may be widowed, divorced, or separated. About one in seven have never married. Are they getting the attention they deserve and need from the retirement services industry?

This week we discovered this article on the topic of solo aging on the NextAvenue website, reported by freelance writer Tara Law. She writes that the country is experiencing a seismic shift in attitudes toward marriage, which in turn means that a larger and larger group of Americans are aging entirely on their own. These men and women, the article suggests, are going to face some unique financial headwinds in life. What’s more, their need to plan carefully for their retirement years is even more acute that of their married counterparts.

Solo Aging on the Rise Due to a “Generational Shift”

Thanks to huge generational shifts on marriage, a growing number of Americans are staying single well into their adult years – and often all their lives.

“While Census Bureau data says that just 4 percent of people aged 75 and over have never married, the figure rises to 8 percent of Americans aged 65 to 74, 13 percent of people from 55 to 64, and 17 percent for people in the 45-54 age group,” Law writes.

On average, married people have higher household incomes and net worth. “This is according to a study published in the Journal of Marriage and Family, which looked at data tracking 5,269 people in Wisconsin from ages of 18 to 72 between 1957 and 2011. The study looked exclusively at white people,” Law explains.

The result is that—on average—people aging alone may face greater financial risks than their “attached” counterparts.

Solo Aging: Marriage Brings a Host of Economic Advantages

The study’s lead author, Deborah Carr, says that “married people do better than unmarried people” when tracked across various economic measurements, such as income, wealth, and poverty rate. She says this remains true even when researchers factor in personal details that could explain differences, such as health, personality, and level of education.

But the biggest surprise by far, according to Carr, is the struggle faced by single men. Law explains, “Compared with men who are divorced, windowed or married, lifelong singles’ total household incomes were about half those of married men. For men who’ve never tied the knot, 18.3 percent were poor, compared with 3.6 percent of married men.”

Solo Aging: Singles Bear Life Costs By Themselves

The study revealed that the finances of single people are “buffeted by multiple challenges,” according to Law. There’s no one to split the costs of life with, and over decades they have to cover the costs of everything alone, “from housing to hotel rooms to toothpaste”. They are also more likely to hire a caregiver when they need assistance, since they don’t have a partner (or adult kids) to help them.

“Moreover,” Law adds, “in the U.S., married people have access to various legal and policy privileges, such as the option to collect Social Security benefits based on a spouse’s earnings or collect as much as half of their spouse’s benefit after a divorce.” Singles lack these perks.

Solo Aging: Singles Face Subtle Workplace Bias

Carr suspects that another major factor, often under-reported, is a subtle workplace bias against unmarried people. She says, “There’s the assumption that if you’re a married man, you’re going to work really hard, and you’re really stable. And as a result, you deserve the raises, you deserve the promotion.”

Divorced people face similar struggles financially to those who have never married, though the study revealed that the ending of a marriage has a bigger adverse impact on women than men: “divorced women had about 40 percent of the wealth of married women, per the study.”

Carr notes that this may be because women often prioritize their families and home lives more than a career and income. She says, “A lot of the sacrifices that women make when they are married come back to hurt them once that marriage ends.”

Singles Face Particular Need to Start Planning Early

To corroborate this, one piece of evidence comes from looking at women who never married. Law explains, “Unlike women with other married statuses, who lag behind comparable men, never-married women are in a similar financial position to never-married men. This suggests they may have been less likely to prioritize their home lives over their careers.”

She goes on to add that the obstacles faced by single people should emphasize the need for early financial planning.

Many—a shocking number—never even begin. According to the research of Annamaria Lusardi, a professor of finance at Stanford Graduate School of Business, over half of people fail to plan for their financial futures.

Financial Planning and Literacy Should Be Top Priorities

To plan effectively, Lusardi says that people should reframe it, not as a chore, but as a habit, like exercising or socializing with friends. “Let’s add this regular activity, which is taking care of our personal finances,” she says.

She goes on to say that a crucial first step for many people is to improve their financial literacy, especially their understanding of basic investing ideas and how to use them to make informed decisions. Lusardi notes that financial literacy tends to be lower among women, which may explain why women who are divorced or widowed are more likely to struggle with their finances.

She suggests seeking out resources through your workplace’s HR office, the Consumer Finance Protection Bureau or from an investment advisor.

Solo Aging: Working Longer Brings Major Benefits

As we’ve written about before on the Blog, one really important way to assuage financial fears is to work for as long as you can.

Certified financial planner and author Barbara O’Neill says that working longer and retiring later means you spend more years putting money into your retirement plans—like a 401(k)—and fewer years taking it out. She also recommends working until at least turning 70, to qualify for the largest Social Security benefit you can get.

Never underestimate the power of a budget, either. Law writes, “After retirement, it’s also important to have a plan on how you’ll conserve and spend down your wealth — especially now that, on average, people are living longer than ever. That includes both major expenses, such as planning for the possibility you’ll need long-term care, as well as resources in your community that may help you save money, such as programs for low-cost transportation.”

Solo Agers Need to Build Their Social Network

Of course, as Rajiv continually reminds us, successful retirement planning is about far more than money. You can have plenty of assets and still fail miserably at retirement.

Singles need to make a particular effort to build a strong and trusted social network. Whether you have a strong social circle around you or not, there are options for building a network of help. O’Neill recommends doing some research at the local senior center to find out what local resources are available. You can even call 211 to ask what resources your community offers.

We would add other places to network, including religious institutions, alumni associations, and community groups

Build Your Own “Family” for Those Times When You Need Help

Aside from outside help, O’Neill also urges older singles to build up their relationships with family and friends, in case you need their aid in the future.

“If you have no spouse, and you have no children, you darn well better have some good social capital — a network of siblings, cousins, friends, that you can rely on,” says O’Neill. “It’s not just about saving money, it’s also about building social capital. Because that way people can help you, and provide services that otherwise you would have to pay for.”

Rajiv Nagaich – Your Retirement Planning Coach and Guide

The long-awaited book by Rajiv Nagaich, called Your Retirement: Dream or Disaster, has been released and is now available to the public. Retirement: Dream or Disaster joins Rajiv’s ground-breaking DVD series and workbook, Master Your Future, as a powerful planning tool in your retirement toolbox. As a friend of AgingOptions, we know you’ll want to get your copy and spread the word.

You’ve heard Rajiv say it repeatedly: 70 percent of retirement plans will fail. If you know someone whose retirement turned into a nightmare when they were forced into a nursing home, went broke paying for care, or became a burden to their families – and you want to make sure it doesn’t happen to you – then this book is must-read.

Through stories, examples, and personal insights, Rajiv takes us along on his journey of expanding awareness about a problem that few are willing to talk about, yet it’s one that results in millions of Americans sleepwalking their way into their worst nightmares about aging. Rajiv lays bare the shortcomings of traditional retirement planning advice, exposes the biases many professionals have about what is best for older adults, and much more.

Rajiv then offers a solution: LifePlanning, his groundbreaking approach to retirement planning. Rajiv explains the essential planning steps and, most importantly, how to develop the framework for these elements to work in concert toward your most deeply held retirement goals.

Your retirement can be the exciting and fulfilling life you’ve always wanted it to be. Start by reading and sharing Rajiv’s important message. And remember, Age On, everyone!

(originally reported at www.nextavenue.org)