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Divorce can have retirement ramifications

The implications that a divorce can have on a person are numerous. Among the things a divorce can impact is a person’s retirement, particularly if they are divorcing at an older age. A recent study suggests that women who get divorced later in life are more likely to put off retirement and stay in the workforce longer.

The study reviewed data on around 56,000 women. The researchers compared how common having full-time employment from ages 50 to 74 was for women who had gotten divorced before age 30 and women who had gotten divorced while they were in their 50s. The study found that such employment was considerably more common in the latter group of women than the former.

One wonders what the trend for divorced men is on this front.

As this underscores, one thing the financial implications of divorce could possibly lead to is an older divorcing person not being able to retire as soon as they may have expected. So, retirement concerns are among the things that can be key issues for person in a gray divorce.

Now, the potential retirement impacts of divorce are not just something it can be important for an older individual to think about when they are going through a divorce. They also may want to give these impacts consideration when getting married. This is because there may be steps they could take to protect their retirement from such potential future impacts, such as setting up certain financial protections through a prenuptial agreement. Older individuals who are about to get married who have questions about what sorts of protections a prenuptial agreement could provide should consider having a discussion on such agreements with a family law attorney.

Source: Bloomberg, “Divorce Is Destroying Retirement,” Ben Steverman, Oct. 17, 2016

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