A large chunk of childless Americans over 50 ‘frequently worry’ about who will care for them as they get older — do these 4 things now if you’re nervous about aging alone

Maurie Backman
A large chunk of childless Americans over 50 ‘frequently worry’ about who will care for them as they get older — do these 4 things now if you’re nervous about aging alone
A large chunk of childless Americans over 50 ‘frequently worry’ about who will care for them as they get older — do these 4 things now if you’re nervous about aging alone

In 2023, the U.S. fertility rate reached a historic low, according to Pew Research Center data. And the share of Americans under 50 without children who say they’re unlikely to ever have them rose 10% from 2018 to 2023.

It’s easy to see why so many people are discouraged from having children. Inflation and rising child care costs have pushed parents to their financial limits. And those who are child-free by choice may not want to take on that burden.

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But not having children could have implications in the context of retirement and aging. The Pew data finds that 26% of child-free Americans aged 50 and frequently worry about who will care for them as they age. And 19% worry extremely about being lonely.

These are all valid concerns. So if you’re nervous about aging alone, here are some steps to take now.

1. Ramp up your savings

Being child-free has a major benefit — you don’t have to take on the expense of raising a child. The USDA puts the cost of raising a child from birth through age 17 at $233,610 for children born in 2015. Given recent inflation trends, it’s more than fair to say that that figure has grown exponentially since it was last calculated. The money you aren’t spending on child-related costs is money you can save and invest in a retirement account.

And remember, even older parents continue to provide financial support to their children. A 2024 Savings.com survey found that 47% of parents with grown children provide them with some form of financial support. And almost shockingly, the average amount comes to $1,384 per month.

If you’re 50 or older, you’re eligible to make catch-up contributions in an IRA or 401(k). Not having to worry about helping grown children pay their bills could make those catch-ups far more feasible.

2. Establish a social network

Aging without a support system isn’t easy. But one thing that may help is surrounding yourself with people of a similar age who can provide you with the company you need.

Put some focus into creating a network, whether through volunteer work, writing clubs or community events. You’ll want to be well established with relationships and a social routine long before you retire.

If you’re looking for convenience as well as community, you may consider a 55-and-over community. Many of these facilities are loaded with amenities that include fitness centers, tennis courts, swimming pools, and more that are instrumental to helping retirees keep busy.

Of course, one drawback to these communities is the cost, which can range from a more reasonable $1,500 a month all the way up to $4,000, according to AssistedLiving.org. But it could pay to prioritize this expense in your budget if you know you’ll be entering retirement without grown children to lean on.

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3. Reduce the hassle of home maintenance

Aging alone could mean facing mobility and health challenges. One big source of stress for seniors is maintaining their homes. You may not have the physical ability to mow the lawn, remove snow, and do other types of upkeep once you’re well into retirement. So to that end, it pays to eliminate as much home maintenance as possible.

Again, a 55-and-over community could be an attractive option to avoid this expense. Often, these communities feature condo-style living so that you’re only responsible for maintaining the interior of your home, while your monthly HOA fee goes toward exterior maintenance.

If one of these communities isn’t what you want, consider downsizing out of a larger home and into a smaller space that requires less work. It could also be a good idea to buy a one-story home in case climbing stairs becomes an issue down the line.

4. Buy a long-term care insurance policy

One of the scariest things about aging alone is reaching the point when you simply can’t perform daily tasks without assistance. In the absence of having grown children to step in and help, it’s important to be prepared for long-term care. One way to do that is by putting insurance in place to help defray the often-astronomical cost.

Genworth reports that the average annual cost of an assisted living facility is $64,200, while a home health aide costs $75,504 per year. A semi-private nursing home room, meanwhile, has an average yearly price tag of $104,025.

Meanwhile, the median retirement savings account balance among Americans 65 to 74 is $200,000, according to the Federal Reserve. Costs like these have the potential to bankrupt a retiree with just the typical savings, so it’s important to have insurance as a backup plan.

The ideal time to apply for long-term care coverage is in your mid-50s. This makes it more likely that you’ll qualify for a policy with premiums you can afford. It’s possible to secure coverage beyond your mid-50s, but the older you get, the harder and more expensive it might become.

In addition to these specific tips, consider sitting down with a financial adviser and talking through your retirement concerns. They may be able to make the process of aging alone easier from a money-related perspective.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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