Tag: grey divorce in canada

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GREY DIVORCE CANADA CREATES THE 4 BIGGEST PROBLEMS YOU NEED TO SOLVE

grey divorce canadaGrey divorce Canada on the rise

Grey divorce or silver separation, whatever you choose to call it, is a sad fact of life in our society today there is a boom in the ending of the marriage of retired or near retired couples. According to Statistics Canada, the grey divorce Canada statistics shows that the rate of breakups has been steadily growing among those 55 and over and it’s expected to increase as more people age. Therefore, it is on the rising trend will not be expected to stop anytime soon.

There is no marriage Canada border

This is not just a Canadian issue; it’s some worldwide phenomena. In the United States, the divorce rate among baby boomers has doubled. The statistics in the U.K. and Europe mirror those in the U.S. In Japan couples married 30 years or more have seen their rate of a marriage ending quadruple in the last 20 years.

What is the seniors’ divorce?

We have written on the subject before in:

Divorce problems

Sadly, grey divorce Canada isn’t just an emotional issue; it’s financial, and the ramifications of the marriage ending can be devastating. Do you know all about your finances – assets, liabilities, insurance, pensions, retirement savings plans, real estate holdings, expenses, and cash flow? Are you financially ready to be single in retirement? Or will you have to put off retirement? Do you have any idea what you’d require to maintain your current lifestyle and if you’ll be able to maintain it?

Does it affect retirement

Unfortunately, many older Canadians in the throes of a marriage ending are not ready financially and may start accumulating high-interest debt to cover expenses. Your senior years are not the best time to be caught in a debt trap. We’re not suggesting that you stay in an unhappy marriage because of financial considerations, but you can get yourself on solid financial footing before the marriage ends. At the best of times marital problems are not fun; why put yourself in added stress and adding to your marriage problems by not thinking things through properly financially first?

A possible procedure

Don’t let your grey divorce Canada financial issues put you into a state of financial ruin. Reach out to Ira Smith Trustee & Receiver Inc. We’re experts in debt. Meet with us for a free, no-obligation consultation. We’ll evaluate your situation and come up with a solid financial plan so that you can have peace of mind and move forward with your life Starting Over, Starting Now.

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Brandon Blog Post

GREY DIVORCE IN CANADA CAN CREATE SERIOUS DEBT FOR BOOMER RETIREES

grey divorce in canada“Divorce is the one human tragedy that reduces everything to cash”. – Rita Mae Brown

The terms “silver separation” and grey divorce” sound very benign, but their financial ramifications have spelled disaster for many boomer retirees. Instead of travelling the world or spending carefree days on the golf course, many retired baby boomers may now be saddled with a mountain of debt and are trying to figure out how to pay their bills because of grey divorce in Canada.

A study done in 2012 by Bowling Green State University in Ohio revealed that the divorce rate among people who are retired or near retirement had more than doubled in the United States in just 20 years. According to Statistics Canada, divorces among couples 65 years of age and older are becoming more and more common and that the average age at which Canadians divorce has been rising steadily for a number of years. And, this trend is expected to continue. Susan Eng of the national seniors’ advocacy group CARP said that in recent years her office has been seeing an increase in calls from divorcees who are unsure of how they were going to make ends meet now that they were alone.

Although women seem to be the hardest hit, men are not immune. The nest egg that you have accumulated for retirement now has to be divided and you may also be supporting minor children and helping to support adult children and/or ageing and ailing parents. The financial challenges of your new reality may have created more debt that you can handle.

Grey divorce in Canada summary

Debt is a four-letter word but it can be managed with professional help. If you are experiencing serious debt problems because of grey divorce in Canada, or for any other reason, contact Ira Smith Trustee & Receiver. Credit Counselling, Debt Consolidation, and Consumer Proposals are all options that we can explore and then we will come up with a plan that will work best for you. Although life can be difficult after a grey divorce you can start over and live a debt-free life Starting Over, Starting Now.

Call a Trustee Now!