The baby boomer generation is known today as being a group of high
divorce rate couples. Many of these spouses are choosing for one reason or another
to end their marriage and pursue life alone, even at an older age. According
to statistics people over 50 years of age who divorce have doubled over
the past 2 decades, and in 2010, one in every four divorces were for those
in this age bracket.
The possible causes of this trend vary for every couple, however many people
are thinking that it has to do with the fact that people are just living
longer lives and after hitting 25+ years of marriage, these couples are
ready to move on with life in separate directions. While these couples
may want to file a divorce for freedom purposes, there is an important
factor that many aren't realizing will be affect—retirement plans.
Grey divorces are having a very negative economic effect on those who are
involved, because it is going to affect how they are able to support themselves
during retirement. According got Susan Brown, a professor of sociology
at Bowling Green State University, she claims that the woman in these
divorces will bear the most weight of the economic hardship, particularly
those who chose to stay at home in order to raise children rate than working.
The money that the family has been saving in retirement will now be split
in half in the event of a divorce, making both the earner and the recipient
receive less than had they remained married. Depending on the age of those
in the gray divorces, they may be required to work many more years and
place a hold on retirement because they will be moving from a dual income
household to a single income. Life will change significantly at the time
of the divorce, and for many that means losing the opportunity to even
retire when they had been hoping to.
Divorced older couples may have to drastically change their way of life
and living expenses if they plan on retiring at a decent age. For those
who are diligent in their financial planning who planned on retiring at
age 65 (assuming they are 60 years old at the time of the divorce) may
have to wait until 67 or 68 for their retirement. Those who have done
little financial planning may be required to wait even longer before pulling
their employment plug and retiring.
According to the CEO of Pathfinder Wealth Management in North Carolina,
retiring as a single person is much more expensive than if you are married,
by about a 30% increase. When you divorce this increase jumps up to 50%
more expensive as a single who is now divorced. How does our cost of living
increase so much, then? Consider this, when you divorce you will now have
to plan separate vacations with the children, more medical expenses because
you don't have the other income to help, traveling in two cars instead
of one, etc. All these little details add up, which is why planning for
your divorce is so crucial.
Because of the complexity of a divorce for those who have been married
for a substantial amount of time, hiring a skilled divorce attorney is
all the more important. At The Meyers Law Group we are highly skilled
in the area of family and divorce law and we want to offer you the services
you need in order to work through his complicating process.
Contact us today for the Long Island divorce lawyer you deserve to have on your side!