Welcome to PLANNING, Inc.’s Retirement Roundup! Here you’ll find links to some stories we’ve gathered from around the internet, stories that we think warrant a closer look.
Divorce isn’t traumatic from an emotional standpoint alone – it can also wreak plenty of unexpected havoc on your finances. This can be especially true of “gray divorces,” when couples nearing retirement age decide to divorce. While every divorce is different, and not every divorce will ensnare the splitting couple in financial uncertainty – a gray divorce has the potential to lead to a variety of financial headaches. The key for couples is to plan ahead and lay necessary groundwork together for any separation while still happily married, even if you’re both convinced the two of you will live happily ever after. In the links below you’ll find insights on divorce and retirement, and potential impacts to Social Security, other assets, and much more.
+MarketWatch quotes a Pew Research Center statistic that “divorce for people 50 and older has roughly doubled since the 1990s,” before offering some sage advice on financial matters, living arrangements, working, and more.
+With a headline like “Divorce is Destroying Retirement,” Bloomberg doesn’t try to soften the blow when it comes to the potential harsh financial realities of divorce. Their focus here is on the even harsher realities faced by many older women who divorce.
+Bloomberg also notes the AARP statistic that 60% of divorces after age 40 are initiated by women, while also detailing the many possible financial pitfalls related to divorce.
+Quoting the American Academy of Matrimonial Lawyers, CNBC states that “second only to alimony, retirement accounts and pensions were the most fought after” in baby boomer divorces.
+NJ.com offers advice on practical considerations of a gray divorce, with a focus on the financial big picture.
+While the idea of a spouse hiding assets might seem unthinkable, in this Forbes article that very scenario doesn’t seem so far-fetched. But just how would you know if your spouse was hiding something from you?
+InvestmentNews takes a look at why age matters when it comes to certain rules for claiming Social Security.
+This four-point strategy from Yahoo! Sports brings together some crucial actions to be taken to stop divorce from taking a wrecking ball to your retirement finances.
+WealthManagement.com urges divorcing couples to beware the potential salt-in-the-wound of fees on a 401(k) that needs to be split because of divorce.
+And finally, the Omaha World-Herald (via NerdWallet) looks at the many reasons why (including taking steps to prepare for divorce) you should say “I do” to a session with a financial planner before walking down the aisle. Consider it an extra precaution in case the implausible ever becomes a reality.
Watch for the next edition of the Retirement Roundup, when we’ll take a look at a bevy of retirement-relevant topics.