![]() There are no conflicts between menus, that is, only one is open at a time on the screen. ![]() However, it can also be an opportunity to make better decisions and continue looking out for yourself. In many cases, going back to work - or just working more - creates a renewed sense of purpose. If you can't or don't want to work, affordable, state-sponsored healthcare is available.Īlthough Harounian sees some clients experience an identity crisis once they're on their own after a gray divorce, there's hope for a better future and a comfortable retirement. Even if your divorce was amicable, you can't stay on your ex's health insurance, Harounian says. That's not just for the money, but for the access to health insurance. So she began to work full time.įinding full-time work is essential for many after a gray divorce. But after her gray divorce, she needed to make more money. You may need to go back to workĭuring her 30-year marriage, Stassi worked part-time and freelanced while taking care of her kids and the home. That's a short period of time, but it can make a huge dent on your nest egg for the next 10 or 20 years. So if you get divorced at 60, you may only receive or give spousal support for five more years. Depending on your state, spousal support may not continue past the retirement age for Social Security, Harounian added.įor instance, in the state of New York, your spousal support may end at age 65, because that's when you can draw from your retirement accounts and receive full Social Security benefits. "You have to make decisions about how to conserve your assets and make sure your income goes as far as possible." "Make decisions that are going to serve you long-term," Harounian said. Whether you're the one giving spousal support or receiving it, that number will make a huge difference in your financial future. That's why it's so important to advocate for yourself during divorce proceedings - particularly during spousal support negotiations, says Jacqueline Harounian, managing partner at family law firm Wisselman, Harounian and Associates. According to a study in The Journals of Gerontology, women tend to see a 45% decline in their standard of living after a gray divorce men see a 21% decline. Spousal support plays a key roleĪfter you do your budgeting, you might realize that you have to live with a lot less. "Budgeting and planning is really imperative, no matter where you are in the arc of life," Ritz said. Will you stay in the house? Are you going to sell the shared home and downsize into a condo in a smaller city? With the money you have after the divorce settlement, what can you afford? Ritz recommends that gray divorcees begin with a focus on where they want to live for the next quarter of their life. You may have had a solid retirement plan with two incomes and a shared home, but what does having half of that mean for you? "Look at your assets, and what do you think you can live on for the next 25 plus years?"ĭivorce of any kind means that you could have only half of those assets: your home, your 401(k), your IRAs, your pension, even your life insurance policy. "What do the next 25 years look like for you?" said Michael Ritz, an associate at financial planning firm Lenox Advisors. So if you're getting divorced at 50, you could have at least 26 more years ahead of you. The CDC's 2021 Provisional Life Expectancy Estimates say that the average American lives until they're 76 years old - but you could live for much longer. How do you financially prepare for the next 25 years? ![]() "A lot of people would rather talk about sex than about money!" Stassi told Insider.īut with retirement around the corner for many gray divorcees, they can't afford not to talk about money. ![]() When Stassi started talking to other gray divorcees for her podcast, "Dating While Gray," she discovered that her cohort opened up about most things – well, except for one. This age cohort makes up over a third of divorces in the US - Americans over 65 now get divorced at the highest rate in the country. Stassi, the author of "Romance Redux: Finding Love in Your Later Years," realized that she wasn't alone in her "gray divorce," aka divorce for those 50 and older. How do you date? How do you talk to your kids? How do you manage your money? For the first time in 30 years, she was single. By clicking ‘Sign up’, you agree to receive marketing emails from InsiderĪs well as other partner offers and accept our ![]()
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