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.
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