Studies are showing that California residents and others around the country are living longer. This longevity affects various aspects of people’s lives, including health, finances and relationships. While many people over the age of 50 are taking better care of their bodies and eliminating debt, a record number in that demographic category are considering divorce.
Many so-called Baby Boomers focused their attention and energy on raising their families. Now that their children are grown and out of the home, some parents are realizing they no longer want to be together. Statistics reflect that, since 1990, the divorce rate has doubled for adults over the age of 50. The trend is so prevalent, it has earned its own nickname. A “gray divorce” can have a monumental impact on a person’s retirement plans.
If someone left the workforce to raise children, his or her Social Security benefits could be significantly less than someone who worked continually. The average retirement benefit for women is slightly over $14,000, while the average for men is $18,000. Also, records show that women have a longer life expectancy than men. For either spouse, there will likely be a lower income level once the divorce is final, as well as a full set of expenses for each new household. As people are living longer, they will need to find ways to ensure that retirement funds last for more years.
There are a myriad of issues to address while going through a divorce. It would be helpful for someone to have the expertise of a knowledgeable California divorce lawyer as he or she navigates the often-complex process. An experienced attorney can work with clients to address all the issues that can affect their lives both currently and in the future.
Source: newschief.com, “Arbor Outlook: ‘Gray divorce’ can have a big effect on retirement“, Margaret R. McDowell, Oct. 25, 2017