How Divorce After 50 Changes Retirement Plans
Our divorce attorneys in Barrie, Collingwood, Orillia, Midland, Muskoka and Newmarket have helped people of all ages reach amicable divorce settlements.
However, a divorce after the age of 50 can derail your retirement plans, with unexpected expenses. In fact, new research from Investors Group shows that 80 per cent of “grey divorcees” (people who divorced at the age of 50 or older) say they will delay their retirement because they need to work longer than planned.
Another 62 per cent say their post-divorce savings and investments will no longer be adequate to fund their retirement.
“Going through a divorce can be difficult at any age, but older couples face unique challenges in retirement planning as a result of later-in-life separations,” said Christine Van Cauwenberghe, Assistant Vice-President of Tax and Estate Planning at Investors Group.
Their data also reveals that:
• 45 per cent of those who divorced at or past the age of 50 found it difficult to make financial decisions surrounding their divorce
• 31 per cent found it overwhelming
• 53 per cent had to adjust their retirement plans. Of this group, 55 per cent say that their plans completely changed
• 47 per cent will have to scale back on their anticipated retirement lifestyle