Older adults face a variety of real-life challenges, including the growing trend of divorce after age 50, often called “gray divorce.” Divorce is one way a person becomes a solo ager.

Research from Bowling Green State University shows that adults aged 50 and older now account for 40% of divorces, up sharply from 8% in 1990. Adults aged 65 and older represent 10% of divorces, according to The Journals of Gerontology.

While the changes surrounding divorce can feel overwhelming, they can also offer a chance to create a life that better reflects your individual dreams and values.

Yahoo! finance reports that women’s standard of living drops by about 45%, while men see a roughly 21% decline.

Guidelines for Navigating Changing Finances

Through this type of major life transition, the newly solo may experience drops in income and living standards. So, building – often re-building – financial confidence is important.

If you’re navigating a gray divorce, here are steps to help you feel more in control:

• Find a financial advisor who listens and respects your voice.
• Get clear on your finances – know your income, expenses and assets.
• Create a plan for today’s needs, short-term goals and retirement.
• Build an emergency fund of three to six months of expenses, even if it takes time.
• Review your estate plan with an attorney.

Gray divorce can be a new chapter. The future is yours to shape, and it can be bright and fulfilling.

If you are navigating through this type of difficult life transition, seek the guidance of a trusted financial advisor.

About the Author

This content was provided by Edward Jones for use by Cailyn Paradise, your Edward Jones financial advisor.  Member SIPC.

Learn more about Cailyn’s services for rebuilding finances after a life transition.

For a personal introduction to Cailyn Paradise for a consultation or a referral to an advisor near you, CLICK HERE.

Cailyn extends to Solo Agers a complimentary 15-minute consultation/intro call. Call Cailyn at (860) 567-4015.