Press Release Distribution

Members Login  |  Register  |  Why Join?   Follow us on Google+Follow us on TwitterFind us on LinkedInFind Us on FacebookSubscribe to our RSS FeedsSubscribe to our YouTube ChannelFind us on RebelMouse

Video Releases    |    Pricing & Distribution Plans    |    Today's News    |    News By Category    |    News By Date    |    Business Directory
All Press Releases for January 10, 2014 »
RSS Feeds RSS Feed     Print this news Printer Friendly     Email this news Email It    Create PDF PDF Version   

Baby boomer divorce liberating for some, challenging for others

People who have divorced after being married for decades may find themselves liberated and empowered, says the New York Times.
x-small text small text medium text large text

    January 10, 2014 /24-7PressRelease/ -- Divorce, while difficult for people of all ages, can be especially challenging for people close to retirement age. While younger people getting a divorce still have many years to work on their savings and retirement plans, seniors face the difficulties of splitting the assets and retirement funds that they had taken a lifetime to build. What could have promised a comfortable retirement for a married couple can turn into hardship as newly single baby boomers struggle to make ends meet.

Still, gray divorce, or the divorce of people over age 50, is increasing, says USA Today - having doubled from 1990 to 2010. For the thousands of seniors getting divorced in California every year, they can face hurdles that are quite different from the usual divorce issues.

The varied financial and emotional effects of divorcing later in life

People who have divorced after being married for decades may find themselves liberated and empowered, says the New York Times. It can be a great relief to be free after spending too long in an unhappy marriage. Many newly divorced senior citizens find renewed joy in life with new hobbies, friendships and relationships. For those who have good health and are financially secure, starting over can be a positive experience.

However, it's difficult when, after splitting assets, one spouse ends up with property tax or must withdraw retirement funds early for their living expenses. This would result in the added hardship of taxes and penalties. Additionally, many senior citizens suffer from declining health, and can find it hard without a spouse to help support and care for them. Not everyone can rely on spousal support to get them through. One woman who had divorced in her 50s told about how, with the medical expenses resulting from her genetic emphysema, she worried about how she was going to care for her children and go back to work part-time.

Those with setbacks such as these may wonder how they are going to start over and plan for retirement. There are a few ways this can be done, which include:
- Making lifestyle changes to reduce spending.
- Rebuilding credit and increasing savings gradually.
- Returning to work at least part-time.
- Developing a retirement plan.
- Not supporting adult children who should be supporting themselves.

With careful planning, it's possible for baby boomers to enjoy their retirement years after a divorce.

How an attorney can help

For older people, it's especially important to protect financial assets to get them through retirement. Consulting with an experienced divorce attorney can ensure your interests are properly represented.

Visit us at

Press release service and press release distribution provided by

# # #

Read more Press Releases from FL Web Advantage:

Contact Information:
FL Web Advantage

E-Mail: Email us Here
If you have any questions regarding information in this press release, please contact the person listed in the contact module of this page. Please do not attempt to contact 24-7PressRelease. We are unable to assist you with any information regarding this release. 24-7PressRelease disclaims any content contained in this press release. Please see our complete Terms of Service disclaimer for more information.