Latest news with #greydivorce
South China Morning Post
07-07-2025
- Health
- South China Morning Post
Divorce rates in older adults rise when wives get sick, study finds
'In sickness and in health.' Is it a lifetime binding promise or an out-of-fashion phrase for marriage? Older adults are divorcing at increasingly higher rates these days, and it could have to do with illness – depending on who is getting sick. A new study suggests that health plays a factor, but gender roles might be the linchpin behind it all. A study by Italian researchers published in the Journal of Marriage and Family considered the relationship between health and the divorce rates in older adults. The study used 18 years of data – ranging from 2004 to 2022 – from 25,542 European heterosexual couples aged 50 to 64. A university professor suggests that one of the reason for more 'grey divorce' is people's increased longevity. Photo: Shutterstock It showed some eye-opening results. When the wives in marriages between older adults became ill or suffered some kind of physical limitation, the divorce rates began to rise.
Yahoo
06-07-2025
- Business
- Yahoo
I'm 57, newly divorced, and left with just $18K in retirement savings — how do I rebuild before time runs out?
Divorce isn't just a young person's game. For some, love is fleeting and can evaporate quickly. In other cases, it's a bond that can last for decades until it's worn down or suddenly broken. Kathryn, 57, finds herself single after nearly 30 years of marriage. Her ex was the breadwinner of the household, and she only has about $18,000 saved for her retirement. Since she's about 10 years from retiring, she's wondering if she still has time to catch up. Will she have to delay her retirement — or even forgo it altogether? Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich — and 'anyone' can do it The Canadian economy is showing signs of softening amid Trump's tariffs — protect your wallet with these 5 essential money moves (most of which you can complete in just minutes) I'm almost 50 and don't have enough retirement savings. What should I do? Don't panic. Here are 6 solid ways you can catch up Kathryn's situation is far from unique. Grey divorce, sometimes referred to as silver divorce, refers to couples over 50 choosing to get a divorce — often after a long marriage, and often after their kids have grown up and left the nest. The average age for those seeking divorce in Canada has steadily risen overtime. In 1970, the average age for those filing for divorce was 38.8, which in 2020, has risen to 46.0, according to Statistics Canada. However, while the rate of grey divorces increased 26% from 1991 to 2006, the most recent data from StatCan shows this number having levelled out as recently as 2020 (the most current data available on this trend right now). Couples sometimes stay together for the kids, so once they're empty nesters they decide to part ways. Or maybe they've just been growing apart for years and their interests have changed as they've grown older. Retirement itself could be a trigger if their financial goals aren't in sync. But grey divorce can also have a major financial impact on a couple's golden years, especially if one partner was the runaway breadwinner. Divorce can take a financial toll, and those close to retirement age, or already retired, have less time to rebuild their depleted funds. Rebuilding isn't easy, but it's possible. Kathryn has $18,000 in her retirement savings, but she should also consider other sources of potential retirement income. For example, part of her divorce agreement may include access to a portion of her ex's retirement plans. Kathryn may be eligible for alimony or spousal maintenance, though the amount and duration will vary depending on provincial laws. She may also inquire about Canada Pension Plan credit splitting, which is mandatory in many provinces and territories, with the exception of British Columbia, Alberta, Saskatchewan and Quebec, and as long as she meets the following criteria, as outlined by Canada Life: A person has lived with their former common-law partner for at least 12 consecutive months They've lived apart for at least 12 consecutive months (except in the case where their former common-law partner died during this period, in which case they may still qualify) A person or their former common-law partner applies in writing and sends Service Canada the necessary documents within 48 months of the date you began living apart (unless your former common-law spouse is still alive and agrees in writing to waive the 48-month time limit) Additionally, the provinces allow CPP credit splitting to be negotiated. Read more: Here are — and very quickly regret. How many are hurting you? A decade isn't a lot of time, but it's still possible for Kathryn to build up her nest egg by cutting back on spending while increasing her savings rate — though that could require some sacrifices. Kathryn will first want to make sure she's not leaving any money on the table in the form of shared retirement assets. From there, she can come up with a new retirement plan and project how much extra she'll need to meet her goals. She'll also want to build an emergency fund (to cover at least three to six months' worth of expenses) and pay off any high-interest debt as quickly as possible. To increase her savings rate, she may want to consider taking on extra hours at work or supplementing her income with gig work. But she may also want to rethink her retirement plans, such as delaying retirement, working part-time in retirement or reducing her living expenses by downsizing or moving to a cheaper city or province. It could be worth consulting a financial advisor to model various scenarios and come up with a post-divorce budget and new retirement plan. 1. Statistics Canada: Steady rise in the average age at divorce 2. Statistics Canada: A fifty-year look at divorces in Canada, 1970 to 2020 (Mar 9, 2022) 3. Canada Life: How does CPP/QPP credit splitting work in divorce or separation? (Feb 1, 2024) Are you rich enough to join the top 1%? Here's the net worth you need to rank among Canada's wealthiest — plus a few strategies to build that first-class portfolio Warren Buffett's Berkshire Hathaway bought nearly 26 million shares of this Canadian company in 2024 — here are 3 ways to help you invest like the Oracle of Omaha Pet owners, here's how you can get up to 90% cashback on expensive emergency veterinary bills — and you can even get a free quote in 30 seconds Billionaires like Mark Zuckerberg and Jay-Z have taken out mortgages for homes they can easily afford — here's why This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
01-06-2025
- Health
- Yahoo
More people are getting divorced in their 50s and 60s. 'Grey divorce' is 'scary, but also a relief,' says one Canadian woman
Grey divorces are on the rise, but what makes them especially difficult? Here's what you need to know about separating at an older age. (Image via Getty) Christine Dafoe never thought she'd leave her marriage of 41 years. She described her divorce as "scary, but also a relief." At 65, it's daunting to start a new chapter but Dafoe was adamant about prioritizing herself and her happiness. "It was getting really toxic and controlling. There was emotional abuse going both ways, but he blamed me for everything," Dafoe said. "And so we separated." This article was originally published in February 2024. Dafoe is one of many Canadians who are choosing to divorce later in life, in what's sometimes referred to as a "grey divorce." Christine Dafoe, 65, is a resident of London, Ont. and will soon be moving out of the house she and her ex-husband shared. She joined the Senior Women Living Together group to find other women she could connect with and potentially have as roommates in a few months. (Image provided by Christine Dafoe) Grey divorce has become increasingly prevalent in many countries, including Canada. According to Statistics Canada, the average age of marriage in 2019 was 35 years old, meaning people were choosing to marry at a later age than decades ago. Similarly, more data shows that divorces are occurring at increasingly older ages. In 2020, the average age of divorce was 46 years old. Advertisement The agency said, the "rise of grey divorce in Canada, which coincided with the arrival of the baby-boom cohort into this age group, was however quite modest compared with the doubling of levels observed in the United States over a similar period." Experts attribute this rise to reasons like decreased stigma on divorce and marrying later in life, adding that there are unique challenges for those who divorce at an older age. For Dafoe, she continued to live with her ex-husband for more than a year, which she noted was difficult. On top of that, there were the financial stressors that came with separation. But having the support of her family, who had "seen the signs" before she did, was reassuring. Yahoo Canada spoke to experts to get insight into the rise of grey divorces and what someone might expect if they are divorcing at an older age. Here's what you need to know. Why are people getting divorced later in life? According to Statistics Canada, the average age of divorce in 2020 was 46 years old. (Image via Getty) Grey divorce refers to the phenomenon of divorce among couples over the age of 50. These divorces often occur after decades of marriage and can present unique challenges related to financial security, retirement planning and emotional adjustment. Advertisement Though the rise of grey divorce can be attributed to factors such as longer life expectancies and changing attitudes towards marriage and divorce, Montreal-based divorce coach and researcher Ravit Rose said sometimes it's as simple as not feeling a connection anymore. She added because there is less stigma towards divorce and people feel like it's more of an option now, people might very well want to try to be independent and leave arguments or disagreements behind. "They start to realize that one has evolved much faster than the other one, and because they're not evolving at the same level, that disconnect causes them to want a divorce," Rose said. Of course, she added there are also a myriad of other reasons why people choose to separate. What makes grey divorces so difficult? Divorce can force individuals to reevaluate their sense of identity and purpose, especially if they have defined themselves primarily within the context of their marriage. (Image via Getty) Rose is also the founder of the Irooze Divorce Community, where she and her team study the science of "nasty divorces" compared to "amicable divorces." After clients fill out an assessment, they are offered a consultation and referred to professionals who specialize in divorce. Advertisement For the women over 50 she has seen in the past six months, she said about half of them have no income and no separate savings account. "When they're talking about getting divorced, their biggest worry is that they're not financially independent," said Rose. "They [say] things like, 'I feel petrified, I'm uncomfortable, I'm sad, I'm angry.'" After decades of marriage, finances are often deeply intertwined. Untangling assets, pensions, retirement accounts and property can be complex and may require the assistance of financial advisors or legal professionals. Splitting assets can also have significant implications for each spouse's financial security in retirement. In 2018, Statistics Canada reported senior women aged 65 and over are more likely to live in low-income households than their male counterparts. Advertisement Rose said the women who reported in their self-assessment as feeling more optimistic about their divorces were those who may have been the main income earners or felt more financially independent. Support networks become more important for senior women when they become single. (Image via Getty) Other challenges for those going through a grey divorce include rebuilding social networks and support systems, navigating adverse effects on physical and mental health and finding new living arrangements. Dafoe sold her shared property with her ex-husband in November 2023, and had been trying to find a new spot for last April. She found a group called Senior Women Living Together, where participants create a profile and try to find likely roommates. Arrangements like these can relieve financial stress from separation while building new networks and friendships. Dafoe said that although it can be scary, moving in with the ladies she met in the group was something she'd been looking forward to. She added that she feels comfortable enough and hopes everything works out. Let us know what you think by commenting below and tweeting @YahooStyleCA! Follow us on Twitter and Instagram.
