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 percent 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 percent 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 percent of those who divorced at or past the age of 50 found it difficult to make financial decisions surrounding their divorce
• 31 percent found it overwhelming
• 53 percent had to adjust their retirement plans. Of this group, 55 percent say that their plans completely changed
• 47 percent will have to scale back on their anticipated retirement lifestyle
If you have any questions about divorce at any age, please don’t hesitate to contact one of our divorce attorneys in Barrie, Collingwood, Orillia, Midland, Muskoka or Newmarket.
