Are you and your ex still working out your property settlement? Do you co-own a house that one of you wants to keep? If so, someone has to buy out the other. And that’s when the fun begins.
Think you know the basics of Social Security and the benefits you’ll be entitled to? MassMutual surveyed 1500 Americans, and only 28% got a passing grade.
If your Divorce is completely final, and the distribution of assets is already locked, well, we can’t help you. But if you’re still in the process, or you’re Di-Curious, you need to get educated on how to protect yourself financially in your Divorce.
Good advice for anyone Over 50, whether Divorced, happily married, or somewhere in between: Do not let your adult kids ruin your retirement.
According to the Statistic Brain Research Center, the average savings of a 50 year old is $42,797; 38% of Americans don’t save anything for retirement; and 36% of Americans over 65 rely entirely on Social Security for their income. These are not good numbers.
This piece from Outofyourut.com presents a wide angle look at retirement for folks who are in less than ideal financial shape. Some ideas you’ve heard before — others may be new, and worth thinking about. If you’re not where you’d like to be, definitely take a look.
Did you know you can start receiving your Social Security as young as 62? (not a good idea unless you absolutely have to). And that if you take it early, and are still working, you pay a tax penalty? (see, it’s really not a good idea). Here’s a concise piece from the “Dummies” folks with more detail…
Walter White had a great retirement plan — well, except for how he accumulated the funds. The vast majority of Americans, however, are woefully unprepared for retirement. Add the financial effects of going through a divorce, and many of us are looking at working longer, living on less, or both.
This piece from Forbes addresses “Retirement Catch-Up,” presenting an overview of the actions Over 50’s can take now to start building their savings. It includes some important information about Social Security, and links to get even more information. Unless you’ve got Walter White money (and look how much good it did him…), check out the article.
A Divorce Over 50 quite often means dealing with much more complicated financial issues than those faced by younger couples. Many people in our demographic have built up retirement plans, acquired real estate, maybe even own a business. Here’s a very thorough article highlighting the different financial factors most Over 50’s need to consider when going through a divorce.
It won’t do you any good if your divorce is already final, but it’ll certainly be of value if you’re yet to sign on the dotted line. And for our “Di-Curious” (Divorce Curious) users, it’ll provide a solid head-start on the financial basics you’ll need to consider as part of making your decision.
Personally, I find it hard to believe I’m merely a handful of years from being eligible for Social Security. Maybe you feel the same way.
Did you know that if your marriage lasted at least ten years, you may be able to receive benefits based on your ex-spouse’s earnings? And did you know that if your ex-spouse has died, you may be able to collect a survivor benefit?
Below the jump, I’ve excerpted a section from an investment email I receive. It makes no sense to credit the firm that sent it to me, and since they don’t say who really wrote it, I can’t credit them. But do take a look, as it’s important information that could make a difference for your financial future And if you have questions, post in the Comments section and we’ll see if the community can respond…
Did you end up with the house in your divorce settlement? Though it may not turn out as badly as it did for a very young Shelley Long and Tom Hanks (above), Investopedia suggests you think very hard about whether it makes financial sense to hold on to it. This article may be of more value to someone in the process of divorcing, or who’s considering it, but it’s still worth a glance even if your divorce is long since settled. Hit the READ MORE button to comment on the financial challenges you’ve faced, and successes you’ve achieved…