Grey 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:
- BANKRUPTCY AND DIVORCE: NOT ALL REASONS TO GO BANKRUPT ARE GOOD
- GREY DIVORCE CAN CREATE SERIOUS DEBT FOR BOOMER RETIREES
- THE THREE THINGS GREY DIVORCE SUPPORT GROUPS NEED TO DO
- #VIDEO-GREY DIVORCE: BABY BOOMERS ARE SPLITTING UP#
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.