Though it’s important to understand how a Grey Divorce can impact your federal retirement benefits, learning why this phenomenon is on the rise may help save your marriage.
Empty Nest Divorce
When being a parent is a major source of your identity, you may find that you and your spouse have little left to talk about once the kids leave the nest. If, over the years, your children gradually became the sole source of your connection, empty nest syndrome may cause you to feel that you don’t have much in common with your spouse. Without making an effort to reconnect and enjoy your retirement, you may well become another Grey Divorce statistic.
Arguments Over Spending
Believe it or not, couples argue more about money once they retire. The main conflict is usually due to each partner having different ideas about how to spend their retirement nest egg. Then there’s the added financial stress of learning to live on a fixed income. Studies show that conflict over spending is common no matter how much a couple has saved for retirement. Before disagreements over money lead to divorce, work with an FRC® trained advisor to create a financial plan that works for both of you.
“Add to this, a few studies indicate that there’s a higher risk of divorce when wives become ill.”
Infidelity Among 55+ Couples
According to the Institute of Family Studies, since 2000, Americans aged 55 and over have cheated on their spouses more than younger generations. In fact, one study shows that about 20% of people age 55+ cheat on their spouse on a regular basis. One possible explanation is that the stigma surrounding cheating is not as significant for Baby Boomers who came of age during the sexual revolution.
Chronic Health Problems
Though marriage vows often include a promise to stay together in sickness or in health, chronic health issues can put a significant strain on a marriage. Studies show the risk of divorce is higher when a spouse suffers from a chronic disease in which recovery is unlikely. When chronic illness leads to the healthy spouse taking on the role of caregiver, this can add even more pressure to the relationship. Add to this, a few studies indicate that there’s a higher risk of divorce when wives become ill. To help mitigate the potential of health issues leading to a Grey Divorce, make sure you have the right healthcare insurance in addition to a Long-Term Care policy to cover custodial care in a nursing facility or at home.
If a Grey Divorce is inevitable, an FRC® trained advisor can put you in touch with an attorney experienced in federal employee divorces.
