Americans age 50 and older are divorcing at much higher rates, and women are financially vulnerable.
The rate of divorce among Americans age 50 and older has doubled since the 1990s. It has tripled for adults over 65 years old.There are steps women can take now to protect themselves.In 1970, about 8% of Americans who divorced were age 50 and older. By 2019, that share had jumped to an"astounding" 36%, the study found.
Remarrying or cohabitating generally helps bolster one's finances via pooling of resources. But women who undergo gray divorce are less likely to do so than men: Only 22% of women re-partnered in the decade after gray divorce versus 37% of men, putting them at"sustained economic disadvantage into old age," according to a separate
Poverty levels among women old enough to qualify for Social Security retirement benefits are almost twice as high for women who divorced after age 50 as those who divorced before age 50, Brown and Lin found; the same isn't true for men.Here are some steps women can take to protect against the financial pitfalls of a potential future divorce, according to financial advisors.
But women should ensure they have access to their own funds so their spouse can't shut off the financial spigot if a relationship sours, Elliott said.Retirement savers generally need earned income to open and contribute to an individual retirement account; however, women who don't work can open a"The sequence of claiming benefits can be important for married couples and can help women hedge against divorce later, Colley said.
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