The financial and human cost of loneliness in retirement
Social isolation and loneliness are not topics most CPA financial planners focus on when working on a client's retirement plan, but they are important to address. Isolation and loneliness can have serious emotional, social, and financial consequences, and can contribute to declines in clients' physical and mental health and quality of life.
Our clients are aging, and various factors associated with aging can lead to social isolation. Older people can become isolated if their health makes it difficult to leave the house or if their partners die. They often become caregivers when their partners develop chronic health conditions such as Alzheimer's disease or other dementia, and the demands of caregiving can lead them to feel very much alone. Older people can also find themselves in a smaller social circle as family and friends begin to age and die or are no longer able to travel easily for a visit.