Have you heard of the grey divorce phenomenon? Many of us have the vision of walking into retirement hand in hand with our spouse. You know that vision, where you walk off into the sunset and live happily ever after. What happens instead if you face a divorce in retirement, can there be a happily ever after? Grey divorce is the term for when older couples divorce and this is the fastest growing demographic to divorce in America. Even if divorce doesn’t affect you, you may end up living alone at some point. Have you thought about what issues might you face by being alone in retirement? Sara Stanich is an expert in this area and she is here on Retirement Starts Today to discuss these topics. Whether or not you see divorce in your future, you’ll want to listen to this episode to hear tips on how to be single in retirement.Whether or not you see divorce in your future, you’ll want to listen to this episode of #RetirementStartsToday with @SaraStanich to hear tips on how to be #SingleInRetirement. Click To Tweet
Outline of This Episode
- [3:32] What are some planning areas surrounding divorce in retirement?
- [8:42] What are some reasons behind grey divorce?
- [9:44] What are some issues specific to single women in retirement?
- [14:37] How can single, older people combat loneliness in retirement?
- [17:42] Learn more about Sara Stanich
What are some financial planning areas surrounding divorce in retirement?
The math of divorce in retirement can be a tricky equation. Most people don’t have enough saved for 2 separate retirements. When you divorce your spouse you lose your roommate and suddenly your net worth is split in half. Dividing up your assets can be tricky. Luckily the 401K can be easy to divide with a QDRO, but a pension and IRA can take a bit more financial planning. It is important to understand how divorce works specifically in your state since every state has different laws surrounding divorce. If you have discovered that divorce is the solution and you can do so amicably, mediation is a less expensive alternative and will save you money on legal fees.Have you thought about what issues might you face by being alone in #retirement? @SaraStanich is an expert in this area and she is on this episode of #RetirementStartsToday to discuss #GreyDivorce and loneliness in retirement. Click To Tweet
What are some reasons behind grey divorce?
Grey divorce is a relatively recent phenomenon. Couples over 50 are the highest demographic to divorce in America today. Grey divorce happens for many reasons, but oftentimes a couple decides to call it quits after their kids are grown. They no longer feel that they need to stay together for the sake of the children. Others may realize once they retire that they really just don’t have much in common anymore. It is a difficult realization, but some see this as their final chance to be happy. Staying with someone you no longer love for what could be another 30 years is more overwhelming than saying goodbye.
What are some issues specific to single women in retirement?
Statistically, women live longer than men so there is a good chance of becoming a single woman even if you don’t divorce. Women can face their own issues living alone as they age. Unfortunately, there is an epidemic of scams that target older women. These scams can range from romantic, to fear-inducing, to preying on a person’s generosity. Everyone thinks that they are too wise to fall victim to a scam, but scammers are quite savvy and can use your emotions to trick your common sense. Learn how to protect yourself from scammers by listening to this episode of Retirement Starts Today.
How can single, older people combat loneliness in retirement?
Loneliness is common among retirees. It is one of the pitfalls to grey divorce, but anyone can become lonely in retirement. It is important to realize that loneliness is a problem. You can avoid loneliness with proper planning. Be aware of it and find others with common interests. Dating is another way to combat loneliness, but it is important to be aware of romantic scammers who prey on women. Listen to Sara Stanich give tips on how to survive grey divorce and protect yourself as a single retiree on this episode of Retirement Starts Today.Learn how to protect yourself from scammers who prey on #retirees by listening to this episode of #RetirementStartsToday with @SaraStanich. Click To Tweet
Resources & People Mentioned
Connect with Sara Stanich
- Cultivating Wealth
- PowerOverDivorce.com – Check out Sara’s free download on the harsh financial truths about divorce
Connect with Benjamin Brandt
- Get the Retire-Ready Toolkit:https://retirementstartstodayradio.com/
- Follow Ben on Twitter:https://twitter.com/retiremeasap
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