A recent study from America has looked at how developments such as divorce in later life and blended families can affect retirement.
The study, which was conducted by Merrill Lynch, found that almost half of married retirees say their marriage is more fulfilling (48%) and loving (45%) in retirement, and just 11% say it is more boring or contentious.
However, divorce is becoming increasingly common among older adults. One in seven people age 50 and older who were once married are now divorced and single – a seven-fold increase since 1960. Divorce in maturity, or “gray divorce,” often creates substantial financial hardship, especially for women. After a divorce, average household income drops by more than 40% for women and by 25% for men.
The study also found that rising divorce rates, which peaked in the 1980s among all age groups and doubled between 1990 and 2010 among people age 50+, have contributed significantly to a rise in blended families.
Nearly two in five people (37%) age 50 and older are now part of a blended family. Nearly one-third (31%) of people age 50+ with stepchildren say it complicates financial planning, a percentage equal to those who say they and their spouse have different financial priorities for their own children than they have for their stepchildren (32%).
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