Grey divorce is a growing trend
Some are calling it grey divorce. Baby boomers divorcing after many years of marriage. People think they will be married forever but many times, it isn’t meant to be. People have their families, and increasingly, they then find after decades of marriage that they just can’t relate to each other anymore. Ultimately, they have to accept things are as they are not as they wish them to be.
We have previously written on this topic:
- THE THREE THINGS GREY DIVORCE SUPPORT GROUPS NEED TO DO
- GREY DIVORCE CAN CREATE SERIOUS DEBT FOR BOOMER RETIREES
The trend is not stopping
Since 1990 the divorce rate has doubled for couples over age 50 and researchers found after age 40 its often the wife who wants the divorce. People are no longer willing to compromise to live in unhappy circumstances. Longevity is a key factor. We are all living longer, and spending four or more decades with the same person is becoming more difficult.
Nowadays, people in their forties and fifties and sixties feel very youthful and if you’re in a marriage that your needs aren’t being met, we have choices. Financial independence is more prevalent among seniors and baby boomers put an emphasis on individual happiness. Should you live unhappily or as roommates under the same roof?
It can be financially complicated
Financial advisors caution that splitting up later can be complicated. Timing is critically important because people that are in their late fifties or early sixties may have planned for retirement to be right around the corner, and the financial ramifications of your marriage ending in your senior years may substantially alter those plans for both spouses.
According to the Investors Group:
- 80% of those people who divorced at the age of 50 or older say they will delay retirement because they need to work longer than planned
- 62% say their post-breakup savings and investments will no longer be adequate to fund their retirement
- 54% of those who divorced at or past the age of 50 found it difficult to make financial decisions surrounding their splitting up
- 53% had to adjust their retirement plans
- 47% will have to scale back on their anticipated retirement lifestyle
- 26% no longer have enough retirement savings
What should you do if your life is financially complicated?
If you are experiencing financial problems, instead of going deeper into debt and just putting your head in the sand like an ostrich, contact us today. Seek the help from a professional trustee, even if you’re not considering bankruptcy at this stage.
A licensed insolvency trustee will evaluate your situation and help you to arrive at the best possible solution for your problems, whether that solution is a bankruptcy alternative like credit counseling, debt consolidation or a consumer proposal or even bankruptcy. With immediate action and the right plan, the Ira Smith Team can solve your financial problems Starting Over, Starting Now. We’re just a phone call away.
This vlog was inspired by our eBook – PERSONAL BANKRUPTCY CANADA: Not Because You Are A Dummy, Because You Need To Get Your Life Back On Track
