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Guide to Aging and Retirement Decisions for Solo Agers

Background and Purpose

The Aging and Retirement Strategic Research Program (Program) of the Society of Actuaries (SOA) Research Institute encompasses several important research goals. One of them is to bring a holistic focus to the large and growing body of research related to aging and retirement that the SOA has conducted. The Program also seeks to initiate new research that furthers new knowledge in a variety of aging and retirement topic areas.

Consistent with the Program’s interest in aging issues, the focus of this Request for Proposals is solo aging and the preparation of a guide to the aging and retirement decisions that confront solo agers. Solo agers (also sometimes called “elder orphans”) are commonly defined as those over age 50 who live alone, are not married or partnered in a long-term relationship, and have no living children. This definition is sometimes expanded to include situations where an individual previously had a spouse or partner or has children, but they are deceased, estranged, or not at all available to be involved in any way in the solo ager’s affairs. For the purposes of this guide, the organizers of this effort are interested in a more expansive definition to include a greater range of situations, including those with extreme circumstances.

This topic has been selected because of its practical importance, as medical advances and other factors increase life expectancy and the proportion of the population experiencing solo aging. Other driving factors include growth in the proportion of the population without children, smaller family size and the decline of the proportion of older people who are married. Furthermore, the difficult decisions that older people may need to make can have relatively greater impact on the lives of solo agers, since they may have fewer resources to draw upon for support or care. This may be especially pronounced if significant problems occur due to poor judgement due to cognitive decline. In addition, the Program is dedicated to researching specific aging and retirement issues that people of different races, ethnicities, sexual orientation and socio-economic status may face.

The SOA Research Institute intends for the results of this research to expand the boundaries of the actuarial profession and serve consumers through the expertise of actuaries on the risks associated with solo aging. Besides actuaries and consumers, other stakeholders expected to benefit from this effort include retirement professionals, regulators and other parties who promote retirement security and healthy aging.

Research Objective

The objective of this research is to broaden public knowledge of aging and retirement issues based on actuarial expertise in this domain and to provide information that offers pathways to finding solutions. The Program is seeking proposals to create consumer materials on specific decisions that are encountered by solo agers to further enhance already existing Program decision-support materials. The final deliverable is expected to be one or more documents that are understandable to consumers while serving as a useful resource to consumers and others. The materials should include a discussion of options and the considerations related to implementing them.

Proposals should focus on the core principles of research from the SOA Research Institute, including objectivity, quality, relevance and quantification. Recognizing high net-worth individuals have more options, there is particular interest in supporting and promoting retirement security among middle and lower-income individuals.

The deliverable should be written in a “guide to consumers” format. Additionally, optional materials that can be used for consumer and stakeholder education (such as spreadsheets, pivot tables, infographics, and models) that would enhance understanding of the material are also encouraged.

The author(s) of the final product(s) may be asked to present results and provide PowerPoint presentations that can be used for professional meetings and other settings, as well as used by others for presentations. Given the desire to advance knowledge on current subjects and provide timely results, preference will be given to proposals that can be completed for publication and for use in continuing education in less than twelve months. For projects that might address multiple issues in phases, the first phase must be completed in this timeframe.

Challenges to be Addressed

Based on research completed by the SOA (see below), some of the topics which can be addressed include:

  • Dealing with physical and cognitive decline
  • Helping with daily and general money and asset management when needed
  • Recognizing when help is needed and what type of help is needed
  • Finding help
  • Supervising help in the event of cognitive decline
  • Preventing fraud
  • Building a support network and finding support services without the benefit of famil
  • Moving when an existing living situation is not working or is likely to not work Choosing supportive communities and housing that can help replace the support that families provide
  • Trade-offs between different types of housing
  • Using technology to support and enhance decision-making and/or quality of life
  • Engaging medical or social services professionals
  • Securing needed legal documents and understanding how guardianship is assigned if not prepared timely or correctly

The expectation is that the information included in the guide will describe the issues, identify options and provide potential resources to help solo agers make decisions about aging safely, remaining independent as long as possible, and making sound decisions about where to go for help when needed. The guide may include questions that solo agers should ask as they plan for and deal with the physical and cognitive challenges they may face as they age. It is not intended that the guide will promote a specific option when multiple acceptable options are available. Because people are likely to be confronted with multiple options when dealing with many issues, it would be more helpful to identify and examine the types of options they are likely to face in various circumstances. In keeping with the mission of the Program, it is imperative to avoid endorsement or promotion of any commercial products or ventures that may be among options.

It is recognized that there are many possible issues, and the proposer will need to select areas of high priority to start. To keep the work manageable, the proposer may start with a proposal for a first phase, with suggestions for additional work after the first phase is completed.

Legal and Health Issues

Note with regard to legal issues: Solo agers may need to designate powers of attorney and put in place wills and often trusts. Instructions to the powers of attorney and these other legal documents involve many legal issues and are subject to state law. It is expected that the guide will reference the need for legal documents and possibly what issues might be encountered, such as risks in appointing legal guardianship, and the need for legal help. However, in-depth discussion of legal issues is beyond the scope of the project and the documents should include disclaimers to that effect.

Note with regard to health and medical issues: Solo agers may have a variety of medical conditions and health challenges. Decision-making about specific treatments or therapies are often defined in medical directives and is beyond the scope of this project, but the idea that solo agers may need to deal with health care decisions and be prepared for them would be an acceptable issue to discuss. Options for finding appropriate care is also an acceptable issue to incorporate. In addition to making health care decisions, solo agers may need day-to-day assistance in managing medical care, including someone to go to doctors’ appointments, help asking relevant medical questions, keeping notes and medical history, managing drugs and advocating for the patient. The guide may provide identification of the types of support needed and pathways to finding support when professional support is needed. The role of day-to-day support and medical advocates and how to find such help is an issue that may not be considered by many. Therefore, inclusion of this information in the guide can be helpful to readers and is encouraged.

Relationship to Prior SOA Research

As background, the Program currently offers several sets of consumer information to support retirement decisions: a series of twelve Decision Briefs targeted to individuals nearing retirement or already retired; an additional set of Retirement Literacy guides designed to help individuals at different points in time; a guide for decisions that are made late in life; and a series of Infographics addressing longevity issues. The materials may be found at:

The Program also has an ongoing series of consumer research projects that are intended to help improve retirement outcomes by exploring the issues retirees encounter at different stages of life including:

  1. A series of biennial surveys: The Society of Actuaries Risks and Process of Retirement Surveys
  2. Financial Perspectives on Aging and Retirement Across Generations
  3. Focus Groups and Interview Studies with people who are within ten years of retirement, people who are retired for 15 years or more, and individuals age 85 and over

These materials may be found at:

In addition to Program research, outside sources may be used for background, supporting documentation, and resources that readers can be directed to for support.

The resulting guide should be easily readable by consumers and not assume specialized knowledge. Structuring the work along several smaller documents is acceptable. The primary goal is that the material be easily accessible and motivate readers to explore the entire report.

Submitting a Proposal

Proposals must pertain to one or more of the topics listed above. To facilitate the evaluation of proposals and applications, the following information should be submitted:

    1. Resumes of the researcher(s), including any additional research colleagues or graduate student(s) expected to participate, indicating how their background, education and experience bear on their qualifications to undertake the research. If more than one researcher is involved, a single individual should be designated as the lead researcher and primary contact. The person submitting the proposal must be authorized to speak on behalf of all the researchers as well as for the firm or institution on whose behalf the proposal is submitted.
    2. An outline of the expected issues that will be addressed including approaches for gathering resources and supporting information. An explanation of how the resulting work will be useful to intended audiences. The significance of the research to the intended audiences should be clearly stated.
    3. A description and outline of the expected deliverables and any supporting material. Please also submit a sample of writing from previous similar efforts.
    4. Cost estimates for the research, considering items such as compensation for investigation, report preparation, and material costs. Such estimates can be in the form of hourly rates, but in such cases, time estimates should also be included in order to determine the likely total cost of the project. Any guarantees as to total cost should be given and will be considered in the evaluation of the proposal. While cost will be a factor in the evaluation of the proposal, it will not necessarily be the decisive factor.
    5. A schedule for completion of the research, identifying key dates or timeframes for research completion and report submissions. The Program Steering Committee (PSC) is interested in completing this project in a timely manner for maximum current impact. Suggestions in the proposal for ensuring timely deliver, such as fee adjustments, are encouraged.
    6. Other related factors that give evidence of a proposer's capabilities to perform in a superior fashion should be detailed.

Final proposals for the project should be sent via e-mail to Barbara Scott at bscott@soa.org.

Proposals must be received no later than November 1, 2022.

Note: Proposals will be considered confidential, and in order to preserve the research intentions of the proposer will not be shared beyond SOA review teams.

Selection Process

The Program Steering Committee (PSC) will oversee the selection. The PSC will review each proposal and is responsible for recommending proposals to be funded. Input from other knowledgeable individuals also may be sought, but the PSC will make all final decisions, subject to SOA leadership approval. SOA Research Institute will provide staff actuarial support to develop and publish the final material. The PSC will recruit a Project Oversight Group (POG) to oversee the project.

Questions

Any questions regarding this RFP should be directed to Steven Siegel, SOA Sr. Research Actuary (phone: 847-706-3578; email: ssiegel@soa.org)

Conditions

The selection of a proposal is conditioned upon and not considered final until a Letter of Agreement is executed by both the SOA Research Institute and the researcher.

The SOA Research Institute reserves the right to not award contracts for this request for proposals. Reasons for not awarding a contract could include, but are not limited to, a lack of acceptable proposals or a finding that insufficient funds are available. The SOA Research Institute also reserves the right to redirect the project to other committees or sections within the SOA Research Institute as is deemed advisable.

The SOA Research Institute plans to hold the copyright to the research and to publish the results with appropriate credit given to the researcher(s).

The SOA Research Institute may choose to seek public exposure or media attention for the research. By submitting a proposal, you agree to cooperate in publicizing or promoting the research and responding to media requests.

The SOA Research Institute may also choose to market and promote the research to members, candidates and other interested parties. You agree to perform promotional communication as reasonably requested, which may include, but is not limited to, leading a webcast on the research, presenting the research at continuing education meetings, and/or writing an article on the research for an organizational publication.