Five years is a long time. I think maintaining some sort of friendship is a must. If you end on bad terms, you will look back thinking "Wow, I've wasted 5 years with this person." The first few months may be difficult when you see him with another person and vice versa. There is going to be awkward moments and you will definitely act differently around him and treat each situation that you share with him differently. I'm sure if he had a bad day, you would have been there to console him but now that you're not in an intimate relationship, all you can do is nod and listen.
Obviously you would not have split with each other if this kind of feeling, or lack thereof, has been brewing for quite some time. Some times, distance does make the heart grow fonder. I'm sure you're both mature adults and have discussed every aspect of trying to salvage what you two have shared. It's a good time to look back and reflect on both ends. When he sees you with another guy and when you see him with another female, there will be some level of jealousy and that's natural, you did share quite a bit with him. Just try to keep a level head and try to not send him mixed signals. If you feel like you want to get back with him, tell him. After a while apart, if you truly feel like you are content with being friends and moving on, tell him. Just try your best to be rationale with every decision you make
Blargh, you're only 48 years old. There are tons of men out there. All you need to do is make a sandwich.
make sure to use some hand sanitizer after you go number 1 or 2 out in public
and! what did you guys do on V-day?