What is the most effective non surgical option for tightening and toning the skin on the abdomen and thighs?

no offense to the others there but non invasive devices will not help you. you CAN do non invasive like Thermage, Ultherapy, morpheus (microneelding RF), threads and trsculpt FLEX ... all can be discussed in a consult. but you need a tummy tuck and/or mini thigh lift to get the best improvement. second best would be internal heating with Renuvion -- but you will still have sagging.  you need a consult to go over the proper options. there is no simple solution here.
As we age the skin sags there is  nothing  you can do that but try preventative  energy-based or thread-based  treatments or get a neck/facelift earlier in the aging process.  There are numerous options and some can be used in combination to get best outcomes but you need a consultation with an expert.
Options include for skin tightening :

thermage radiofrequency to heat skin and tighten it over time and prevent the aging process
ultherapy highintensity ultrasound to contract muscle and tighten the face and neck and prevent the aging process
PDO nova threads or instalift threads for immediate lifting without surgery and long term collagen production
sculptra injections for collagen production to areas of the face and neck with crepe skin or early sagging
btl exilis ultra, venus legacy, thermi250 , or inmode forma/contoura  for constant collagen stimulation monthly with facials
facelift/necklift with fat grafting/fillers if you need a big improvement
ThermiRF or J plasma /Renuvion or Inmode FaceTite   internal heating and tightening to long term internal heating and tighting with or without surgery
Platysmaplasty to tighten the muscles of the neck long term and create contour
Facial implants or fillers to contour the jawline and chin to improve the apperance of the nec k
Fractora/Morphenus8 or Intensif microneedling RF for improve superficial tightening, neck and chest wrinkling and crepe skin 

You need to see an expert in facial sculpting and age prevention.  Best, Dr. Emer.

Morpheus 8 is a non-invasive skin and soft tissue tightening treatment that is consistently amazing in our patients. We use the Morpheus to exact fractional induced RF into the skin or tissue in order to tighten collagen and stimulate contraction of the tissue. For acne scars, it is quite useful to build collagen in patients who have atrophic scars but is not very productive for ice-pick scars which require TCA Cross. For tissue tightening, Morpheus is ideal for the face and neck and we often combine it with CO2 laser or Ultherapy to further enhance results. Chemical peels and skin resurfacing should be done at least 5 to 7 days after, but can be performed earlier, depending on treatment severity. Avoid exfoliating skin treatments before Morpheus and expect a period of 2-4 weeks for skin contraction to set in.

Best,
Dr. Karamanoukian
Realself100 Surgeon

Your main issue is reduced skin elasticity (due to collagen loss).  This can be improved non-surgically with Thermage treatments

You are a perfect candidate for radio frequency microneedling skin tightening.  Not only will it tightening the sagging skin, it helps the creepiness of the skin.   it also helps with fat reduction in those areas as well. The Bodytite woukd also be a good choice for you. It does liposuction also with the radio frequency.  I would definitely recommend these procedures for you!
Stay healthy! Exercise is the best medicine too!