‘Gray divorce’ has doubled since the ’90s — and the financial risk is high for women.

PUBLISHED SAT, MAR 23, 20249:00 AM EDT

Greg Iacurci (CNBC)

KEY POINTS

• The rate of divorce among Americans age 50 and older has doubled since the 1990s. It has tripled for adults over 65 years old.
• So-called “gray divorce” puts women at high financial risk.
• There are steps women can take now to protect themselves.

Breaking News Alert: Gray Divorce Trends

Divorce, especially later in life, is becoming more common, and it's hitting women hard in the wallet.

A recent study found that the rate of "gray divorce" (couples splitting at age 50 and older) has doubled since 1990, with a whopping 36% of divorces now falling into this category. And for those over 65, it's tripled!

Why is this such a big deal? Studies show that women's household income typically drops by 23% to 40% after a gray divorce, while men's incomes might rise. This economic strain can be especially tough for women who didn't work or earned less during marriage.

But there are ways women can protect themselves financially:

1. Get Involved: Take an active role in household finances. Know where the money goes and how it's managed. Ignorance is not bliss when it comes to your financial security.

2. Have Your Own Money: Ensure you can access your funds. Don't rely solely on joint accounts or credit cards. Having financial independence is crucial, especially in uncertain times.

3. Strategize Social Security: Claiming Social Security benefits strategically can make a big difference. Consider factors like deferring benefits to maximize payouts, especially if your spouse has a higher benefit.

4. Save Alimony: If you receive alimony, save some for the future. It's not a bottomless well, and having a financial cushion can provide peace of mind.

Don't let gray divorce catch you off guard. Take steps now to safeguard your financial future! ????

#GrayDivorce #FinancialSecurity #WomenAndWealth