Can A Divorce Kill Your Retirement?
The divorce rate for those over the age of 50 has doubled in the past decade, and this can have serious implications for the retirement plans of baby boomers.
Boomers are living longer and divorce no longer has the stigma attached to it by previous generations. Experts say that this has led to a "second midlife crisis" with divorce as an increasingly common occurrence.
Late-life divorces mean that two people must split retirement assets, leaving divorced couples with significantly reduced assets for retirement. Those who have not done any financial or estate planning are in even worse shape. Here are some tips for divorce after 50:
It takes a team. Have a financial advisor work with your divorce attorney on a settlement that can help you transition into retirement.
Rebuild. If you divorce in your 50s, there is still time to save. You will need to take the necessary steps to rebuild your savings and investments with an eye toward retirement.
Downsize your lifestyle to fit your new reality. This may mean working longer, living in a smaller home and increasing your savings.
Save your money for yourself. Many boomers are still supporting adult children as well as parents. This may no longer be possible if you want to secure your retirement.
The Flanigan Law Group provides Southern California residents with personal attention for estate planning, administration and litigation legal services. When disputes between families, arise, they are very successful in resolving legal estate issues quickly and efficiently while preserving financial and emotional resources. Contact the Flanigan Law Group at 949-450-0042.