There's a growing trend of divorce among those ages 50 and older, often called “gray divorce.” While finding yourself in this situation can feel overwhelming, it also can be an opportunity to reclaim your independence and create a life that reflects your dreams and values.

Today, one-third (36%) of divorcing adults are 50 or older (The Journals of Gerontology, 2022) and 77% of women who experienced gray divorce remain single 10 years after divorce ("Repartnering following gray divorce," 2019). While that might sound surprising, many women view this as a time to focus on goals, dreams and well-being without compromise.

Of course, there are financial realities to consider. Women older than 50 often experience a 45% drop in their standard of living after divorce (compared to 21% for men), and household income can fall by 23% to 40% in the first year ("The Economic Consequences of Gray Divorce for Women and Men," 2020). So, building financial confidence isn’t just important; it’s empowering.

If you are 50 or older and recently divorced, take the following steps with your financial advisor. You don’t have to do it all at once; small steps can help lead to greater financial security over time.

1. Find a financial advisor who truly listens. If you’ve ever felt unheard or dismissed, don’t settle. Your future deserves someone who respects your voice.
2. Get clear on your finances. List your assets, debts, income and expenses to understand your financial situation — the first step toward taking control.
3. Create a flexible plan. Include your current needs, short-term goals and retirement aspirations. Instead of feeling intimidated, you can let a financial advisor help make this simple and manageable.
4. Learn about money. Read, attend workshops and join online communities focused on women and finance. Every bit of knowledge adds confidence.
5. Build an emergency fund. Work toward having three to six months of living expenses in a low-risk, liquid account. This may take gradual, consistent contributions, but ultimately, this cushion can help provide a sense of security as you navigate your new circumstances.
6. Review insurance and your employer benefits. Make sure your medical insurance coverage is adequate. Consider long-term care insurance to help preserve your retirement assets.
7. Estate planning. Work with an attorney to review beneficiary designations on bank and brokerage accounts while updating your will, powers of attorney and, as needed, a revocable living trust.
8. Social Security. If you were married 10 years or longer, understand your rights to Social Security benefits from your ex-spouse.

Rather than being the end, gray divorce can represent a new chapter. The future is yours to shape, and it can be as bold, bright and fulfilling as you want it to be.

Pamela G. Malcolm

Financial Advisor – Edward Jones

📞 (206) 489-0035 (text capable for clients)

📍 3727 California Ave. SW #1D, Seattle, WA 98116

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