Re-assessing life: rising divorce rates for the over-60s
25 November 2011
For many, it seems, life begins at 60; at least according to the latest figures which show an increase in divorce rates for the over-60s.
The latest figures, from 2009, reveal that pensioners are the only age group where the divorce rate is actually rising. More than 11,500 over-60s were granted a divorce in 2009; a four per cent increase over two years. Overall, the divorce rate is actually down - across all age groups the divorce rate fell by 11 per cent.
Life begins at 60
So, what is responsible for the rise in 'silver separations'? For many, 60 is no longer viewed as 'old'. Instead, it's a time to enjoy their hard-earned retirement and do things they've always wanted to - exploring far flung holiday destinations, re-locating to an abode abroad or taking up a new hobby. Ros Altmann, Director General of Saga, told the Daily Mail, that the increasing divorce rate "is more proof that life is really changing for the over-60s and for many it's the next phase of their lives, not the end of their life as people in the past were often led to expect."
Seeing your 60s as an exciting new stage in your life can make people re-assess their relationship. A spouse that was so similar to you 40 years ago, may well have changed over the years into a completely different person. Add to that retirement, which removes the familiar routine of work, as well as children flying the nest, and it's easy to see why some people choose to re-evaluate their lives at 60.
Time to start again
We're all living longer than ever before and the average person in the UK can expect to celebrate their 80th birthday. This could give a 60 year old another 20 years to enjoy single life or settle down with a new partner. Divorcing in their 60s could give someone the new lease of life they've been craving.
Helping you enjoy your retirement
If you're looking to make the most of your retirement, why not consider equity release as a helping hand to fund your new adventures? With a tax-free cash lump sum and no monthly repayments to make, equity release could free up cash to help you enjoy your 60s and beyond. Book an appointment with one of our expert advisers who, as well as explaining the difference equity release could make to your life, will also explain how it may affect your entitlement to state benefits and will reduce the value of your estate.
If you are considering equity release, you should read through is it right for you carefully.