Many California residents and others around the country look forward to their retirement years. Some may be awaiting an opportunity to travel or take up a new hobby, while others may want to take things easier or spend more time with family. Most, however, do not think of how that phase of their lives will be affected if they get a divorce or become widowed.
While this may not be a scenario that is anticipated, there is a likelihood that it will be the reality for some. Statistics show that roughly 40 percent of marriages end in divorce, while around 25 percent of people over age 65 are widowed. In this situation, it is important to address the possibility that a person may face their retirement years alone and plan accordingly.
Researchers from an online brokerage firm report that two-thirds of the couples surveyed do not have a plan in place for their finances should they get a divorce or become widowed. However, the majority of responders expressed confidence that they would be able to manage their finances successfully in those situations, should they occur. Experts warn that tackling the financial responsibilities is often harder than people assume.
Suddenly living on one income can pose difficulties. Also, in many situations, one spouse may have handled all the financial decisions within a family. Someone may now be faced with making decisions about his or her finances with no prior experience. Certainly, retirement income and Social Security income are also other factors to consider.
Getting a divorce at any age can be a stressful situation. It would be wise to contact a California divorce attorney for guidance. An experienced lawyer will help clients navigate through the complexities of the process and work toward the most favorable outcome in the proceedings.
Source: planadviser.com, “Divorce and Failing Health Amid Overlooked Retirement Roadblocks“, John Manganaro, Dec. 15, 2017