Gray divorce, or divorce among couples aged 50 and older, is becoming more common. This trend can have major financial and emotional impacts on both men and women.
Understanding how gray divorce affects the standard of living for each gender can help people better prepare for this life-changing event.
Financial challenges for women
Women often face greater financial challenges after a gray divorce. Many women in this age group may have spent years out of the workforce to raise children or support their spouse’s career. As a result, they might have lower earning potential and fewer retirement savings. Dividing assets and retirement funds can also be difficult, leaving women with less financial security. Women may also live longer than men, requiring more savings to sustain their standard of living through retirement.
Financial challenges for men
Men also experience financial challenges following a gray divorce. However, they may differ from those faced by women. Men are more likely to have higher earning potential and more retirement savings. However, they may still struggle with the financial burden of maintaining two households. Alimony and spousal support payments can further strain their finances. Men may also face increased healthcare costs as they age. This can impact their overall standard of living.
Emotional and social impacts
Both men and women experience emotional and social impacts from gray divorce that can affect their standard of living. For many, divorce can lead to feelings of loneliness, depression and anxiety. Social networks may change, as friends and family take sides or drift away. This emotional toll can impact physical health, making it harder to enjoy life and maintain an active lifestyle.
Per Kiplinger, the average woman sees her standard of living decline by 45% after a divorce. The average divorce man sees his standard of living fall by 21%. By focusing on these efforts, men and women can work towards maintaining a fulfilling and stable standard of living after gray divorce.
