Since 1990, the divorce rate for Americans over the age of 50 has doubled, and more than doubled for those over the age of 65. At a time when divorce rates for other age groups has stabilized or dropped, fully one out of every four people experiencing divorce in the United States is 50 or older, and nearly one in 10 is 65 or older, according to a new report by Susan L. Brown and I-Fen Lin, sociologists at Bowling Green State University.
More than half of all’ grey’ divorces are to couples in first marriages. Indeed, 55% of grey divorces are between couples who’d been married for more than 20 years.
“It’s not as if marital quality has suddenly declined. Instead, I think we have higher expectations now for what constitutes a successful marriage. We expect spouses to be best friends and marriage a source of happiness and fulfillment,” Brown said.
“As women achieve more financial independence and autonomy, frankly, they can afford to get divorced,” she continued. “And after you’ve launched your children and retire, people may realize, ‘Boy, we don’t have much in common, and I could live another 20 years.’ That’s a long time to live with someone you may not be that into anymore.”
Research has found that among divorces of people aged 40-69, 66% of the time it is the woman who initiates the divorce. For those in good health and with financial resources, a grey divorce may mean an era of freedom and independence, Brown said. But for others, divorce at an older age increases the risk of falling into poverty.
On average, the researchers note, older divorced Americans have only 20% as much wealth as older married couples
That puts the focus on the financial ramifications of later life divorce.
- Diminished resources for retirement with little time to accumulate more
- Change in employment concerns – work longer – try to find a job at a later age
- Potential impact of debt – credit cards, student loans for children, etc.
- Tax consequences of early distribution of retirement funds to meet today’s expenses
Divorce at any age raises very specific challenges – but divorce in later years can be especially devastating on retirement. So- all the more reason to approach divorce at any age with a focus on its effects now, and also ten and twenty years down the road.
