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Contributors

Lisa Nagel

Vice President, Planning Specialist

Few life events can derail a well-thought-out retirement plan as quickly as a divorce after 50. With divorce rates doubling for the over 55 population and tripling for those over 65, what was once an unusual circumstance has become a significant threat to a successful retirement.1 This emerging phenomenon has been dubbed “gray divorce.”

For women over 50 facing divorce, the financial impact can be more severe than for men, with an average decrease in the standard of living for older divorced women of 45% compared to a decrease of 21% for older divorced men.2 Some reasons for this disparity include:

  • Shorter work histories: Even in today’s day and age, women are more likely to spend time out of the work force while raising children or maintaining a household. As a result, their Social Security benefit may be smaller than their spouse’s, and they may lack the work experience or continuity needed for higher-paying jobs.
  • Wage gap: Despite progress, there remains a wage gap of approximately 16% between men and women, resulting in lower average pay for women.3 This can impact their ability to save enough to meet retirement goals.
  • Raising grandchildren or caring for adult children: Many adult children still live at home while attending college or return back home to save money. Additionally, increasing numbers of grandchildren are being raised by grandparents, two-thirds of whom are grandmothers.4

What to do when facing a gray divorce

Women, going through (or anticipating) a gray divorce should take proactive steps by assembling a team of professionals. In addition to an attorney and an accountant, a financial advisor can be invaluable in this sort of situation. A financial advisor can help anticipate challenges, work with you to define or redefine your goals and create a financial plan that reflects your new reality. 

There are four key factors in a financial plan for retirement that may need adjustment during and after a gray divorce:

  • How much you’re able to spend: Adjusting what you had planned to spend on things like vehicles, college for children or grandchildren, travel or housing.
  • When you spend: Adjusting your timing of goals can extend your resources. For example you may decide to retire a few years later or take a vacation every other year instead of every year.
  • How much you save: Increasing your contributions to retirement plans or other investment accounts can help you increase the funds that are available to meet your goals.
  • Asset allocation: The mix of your investments (stock, bonds, cash and other investments) will affect the level of risk you take in your investment portfolio and also the overall return, and therefore how much is available to fund your goals.

A financial advisor can help analyze the financial impact on the plan during the divorce negotiation process and can help you organize as well. To do this, the advisor will need information, much of which is the same as what’s needed as part of the divorce process.  Keep in mind that while the advisor may only need total values, the court will require details. This information generally falls into three categories:

  • Assets and liabilities: Assets include checking, savings, CDs, money markets, stocks, bonds, mutual funds, ETFs, annuities, real-estate, vehicles, stock options, cash-value life insurance, the value of business interests, pensions and collectibles. Liabilities include credit card debt, mortgage, personal loans, small business loans, lines of credit – basically everything you own and everything you owe. You will need statements, estimates or appraisals for each item, regardless of ownership or title.
  • Income and expenses: Paycheck stubs are needed if you are still working, along with documentation of any other income sources such as alimony, rental income or royalties.  Expenses should be documented, through credit card statements, bank account information, bills and invoices.
  • Taxes: Gather at least two years of tax returns, including trust and business tax returns, W-2s, 1099s and other tax documents.

The bottom line

Thriving financially in retirement after a gray divorce requires patience, a willingness to adjust expectations and a solid team of experts advocating for your success. With the right approach, maintaining financial security and independence in this next stage of your life is attainable. J.P. Morgan is here to help. Reach out to an advisor today.

References

1.

The Journals of Gerontology, "The graying of divorce: A half a century of change." (September 2022)

2.

The Journals of Gerontology, "The economic consequences of gray divorce for women and men." (December 2021)

3.

Federal Register, "National Equal Pay Day, 2024." (March 14, 2024)

4.

Pew Research Center, “At Grandmother’s House We Stay.” (September 4, 2013)

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