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Divorce issues surrounding retirement can change plans

Monday, July 16, 2018

Late-life divorce is becoming more prevalent, but even for younger couples seeking the end of a marriage, future planning for retirement is critical. Texas residents understand how many divorce issues can influence their day-to-day lives, but not as many think years or even decades down the road to how a divorce will influence their plans for their golden years. Certain key issues are sometimes overlooked when couples begin planning for a divorce that could affect them for the rest of their lives. 

Social Security benefits do not necessarily disappear when a divorce is finalized. In fact, in some cases, some individuals will be entitled to claim Social Security benefits on the work record of an ex-spouse, even years after the marriage ended. The laws and regulations regarding these issues are very specific, so it is important for both parties to become educated on what benefits each may be able to claim. 

Couples who get divorced can also experience "retirement shortfall," which is to say the amount of money they expected to put away for their retirement years is suddenly halved as a second income is removed from the equation. This can mean significant restructuring in post-retirement planning. The support of a financial advisor in situations like these can be very helpful in reconfiguring a retirement savings plan. 

Divorce issues take on many forms, as many Texas residents can attest. However, issues pertaining to late-life planning can have a huge impact on an individual's retirement years. Seeking appropriate support and guidance pertaining to these unique issues can help both parties prepare adequately for their later lives as single or remarried people. 

Source: The Huffington Post, "Preparing for Retirement After a Divorce", April 17, 2015

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