073. Gray divorce: why it's growing and what you can do to stay protected
Did you know divorce rates for people over age 50 have tripled since 1990? Divorce is a common part of society, and that’s true among seniors too.
There are many reasons for “gray divorce,” or divorce after midlife. With retirement coming up, finances are on many seniors’ minds, so overspending and mismanaging money may become more of an issue. Many empty nesters may also learn they’ve grown apart after focusing on their kids for so many years.
Senior Services Expert Lori Williams dives into reasons like these as well as:
- What you need to know to protect yourself during a divorce
- Why many women’s standard of living decreases after divorcing
- The importance of having a long-term care policy, and conversations about your future with your children/family
And more.
Many of the difficulties of divorce remain the same, but there are other considerations to manage so you set yourself up for a secure, happy future.
Takeaways from this episode:
- If it makes sense for you, get a long-term care policy. This is a huge help in securing in-home care, assisted living, or memory care down the road.
-Unfortunately, when women divorce after age 50, many don’t come out of it as well off as men: Women have an average 45% plunge in their standard of living compared to men at 21%.
- If you’re 62 or older and were married to someone for at least 10 years, you may be eligible to receive benefits based on their social security record.
Resources mentioned in this episode:
Understanding Power of Attorney, living wills and more:
Medicare plans explained:
Social Security Benefits explained:
https://www.ssa.gov/benefits/retirement/planner/applying7.html#h4
To suggest a topic, be a guest or to support the podcast, please email Lori@Loriwilliams-seniorservices.com
For more senior resources and to sign up to the newsletter, please visit:
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https://loriwilliams-seniorservices.com/aging-in-style-podcast/
Topics discussed:
- Divorce
- Divorce among seniors
- Financial planning
- Estate planning
- Long-term care
- Retirement
- Social security
