Is 60 the new 30? It just might be. 💅 Right now, older Americans are saying “see ya” to their spouses in a phenomenon known as “gray divorce” in some pretty high numbers. We think we just saw your grandma on Tinder! 😜💋
While it’s great to break free from bad relationships, gray divorce might be a little more gray for women than it is for men…especially in the financial department. 💸
Here’s Five Fast Facts on gray divorce:
- 📈 Back on the Market - How big of a deal is gray divorce? The divorce rate for Americans aged 50 and up has doubled since the 1990s. The divorce rate tripled for those over 65. ‘Til death do us part is so two thousand and late.
- 💔 Heartbreak Hotel - Back in the groovy 1970s, only 8% of divorced Americans were aged 50 and older. Fast forward to 2019 and that percentage jumped to a whopping 36%. Roughly one in every ten people who divorced that year were at least 65.
- 😰 Woes for Women - Studies show that gray divorce has more negative implications for women than men, especially in heterosexual relationships. In the year following a divorce, women’s household income generally drops between 23% and 40%. One big reason for this is because many older adults who divorce today find themselves in the traditional marriage roles of “mom stays at home and dad’s the sole breadwinner.”
- 👜 Unfair and Square - Women also have to deal with a wage gap in the workplace, causing them to save less for emergencies and retirement. Although divorced women can claim Social Security based on their ex’s earnings history, they typically don’t get more than half of the former spouse’s benefit.
- 🏠 Love Shack, Baby - Cuddling up and moving in with a new sweetheart certainly helps when it comes to finances. However, data shows that within ten years of a gray divorce, only 22% of women found a new partner compared to 37% of men.
🔥Bottom line: Ladies, listen up. Even if you’re a stay at home mama, make sure you know your household’s finances inside and out. Play a key role in family money decisions. You should also consider having your own bank account, just in case your hubby goes rogue. We hope that doesn’t happen, but it literally pays to think smart! If you’re not married yet, consider a prenup. They’re not just for rich peeps!
Are you in the middle of a gray divorce?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
Btw, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
