January 13, 2016 — Baby boomers have long been the vanguard of a host of social changes – and it continues. Susan Brown, a sociologist at Bowling Green State University, estimates that 650,000 people over the age of 50 divorced in 2010, most of them boomers. While ending a marital bond might end a long period of unhappiness and even open the way to a new life, it does come at an economic cost.
It is an age old problem; when the proverbial marital blanket is split in half, neither of the remaining parts adequately covers either partner. Living and other expenses can no longer be shared, and combined income goes down. The result for many, especially women who do not re-marry, is an introduction into poverty just as retirement and the last third of their lives begins.
According to the Squared Away Blog, the rate of divorce for individuals over age 50… “doubled to more than 10 people affected per 1,000 married people” from 1990 to 2010. The blog was referring to comments by Susan Brown, who also said “that the odds of women over 62 falling into poverty after going through a gray divorce were comparable to that of women who never married.”
Comments? Has divorce negatively impacted your financial well being? If so, would you still do it over again, if you had the choice? Have you adopted any strategies for coping with your new found singlehood? Please share your thoughts in the Comments section below.
For further reading
What to Do If You And Your Partner Have a Different Vision of Retirement