Looking forward to the next phase of life may seem awful if you can’t stand the person you’re going to spend it with, this might be what some boomers are up against. From the 1990s, the divorce rate has roughly doubled among U.S. adults aged 50 and over.
Can Living Longer Than Ever Have Something to Do With It?
Statistically speaking, we are healthier and we will probably live a lot longer than most retirees did previously. Another likely unintended consequence of this so-called longevity benefit is the increase in “grey” divorce.
What pushes grey divorce is that people live longer and they feel more entitled to live entirely. They have helped raise babies and want a new journey, now it’s their turn. They may have decades to come and no longer want to be miserable.
What Are the Downsides of Divorcing Later in Life?
There are some serious downsides to divorcing at this late stage in life. First off, society’s stigma of divorce in terms of religion and societies attitudes can be negative. Grey divorcees tend to be less financially secure than married and widowed adults, particularly among women. Living alone at older ages can be detrimental to one’s financial comfort, and for men, their satisfaction with their social lives.
Splitting up on retirement can be devastating for your finances. Although both spouses work, there appears to be unequal levels of income between them. Especially women, may have taken time off work for family reasons and cutting into lifetime earnings.
Why Are the Numbers Bleak?
The financial picture of a typical near-retiree can be worrisome between bumpy stock and housing markets, college tuition, and minimal Social Security. Despite the upbeat headline figures for employment reports, older people at work may feel marginalized, and fear that finding another high-level, well-paid career would be difficult if they lose their job.
The couple could be at the age where they’re getting the kids through college and that’s eaten up a lot of family assets. Now one of the partners who wasn’t the main breadwinner has to go out and build a career.
When people get divorced they don’t really understand how hard it’ll be financially. It’s not 50% of 100%. There all those things you’ve been sharing — like utilities. It’s not split down the middle. The divorce rate for adults ages 50 and older in remarriages is double the rate of those who have only been married once. Among all adults 50 and older who divorced in 2015, 48% had been in their second or higher marriage.
It is vitally important that a newly divorced spouse create a financial plan to understand how their retirement plan has to change. Lifestyles have to change and the right time to do that is immediately instead of when the money runs out.
Fairmont Grand Senior Living Community
Fairmont Grand is a resident centered senior living and memory care facility in Rapid City, SD. Our goal is to create an environment where resident well-being is at the heart of everything we do.
Our wide range of services are designed to meet you or your loved one’s daily needs. We offer restaurant style dining options, a variety of physical activities, and give residents the opportunity to live as independently as possible.