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Rise in number of over-60s getting divorced

Tahmina Mannan
Written By:
Tahmina Mannan
Posted:
Updated:
06/08/2013

The number of over-60s getting divorced each year has soared since the mid-1990s, according to figures from the Office for National Statistics.

Despite a fall in overall divorce numbers, divorce rates among retirees and those nearing retirement have increased by 73% since 1991.

Some 5,000-6,000 divorces a year were reported among men aged 60 and over during the 1980s and 1990s.

The number increased in the late 1990s and in 2011, nearly 9,500 men aged 60 and over divorced. The numbers were similar for women over 60.

The ONS said the rise was partly driven by the increasing numbers of people aged 60 and over living in England and Wales.

But academic research found other possible reasons for the increase were the loss of stigma around divorce and more women in the labour market.

The employment rate of women aged 16 to 64 rose from 53% in 1971 to 66% in 2012. This means that women have become more financially independent and are more likely to have built up their own pensions.

The financial implications of divorce for both men and women aged 60 were highlighted in a recent report by Prudential.

According to the study, divorcees can expect to receive £2,600 – or 16% – less income in retirement compared with people who stay married.

People retiring this year who have been divorced can expect to retire with an average annual income of £13,800 compared with £16,400 for those who have never experienced a marriage breakdown.

The study found that 40% of those planning to retire in 2013 have been divorced, and they are, in general, less likely to have a private pension, more likely to retire with debts and less inclined to feel financially ready for retirement.

Clare Moffat, pension’s specialist at Prudential, said: “Divorce can be emotionally draining but also financially draining as the retirement income gap for divorcees demonstrates.

“Whether it is due to the financial implications of splitting existing pensions, the cost of setting up a new home or legal fees, divorce clearly has a major impact on the retirement plans of many people.”