People going through a Divorce Over 50 have a wide variety of issues to deal with, but among the most important, and trickiest, is their finances.
To get some help on that subject, I sat down with Steven Pompan, a Senior Vice President and Financial Advisor with Morgan Stanley. Full disclosure, Steve’s a long-time friend, and handles my investments. He’s also been Divorced Over 50, and has made tremendous progress in finding his brighter future. Steve specializes in working with people in our demographic, and I’m confident you’ll find value in the interview that follows:
Divorced Over 50: First off, your philosophy regarding relationships sounds very similar to what we say here at Divorced Over 50.
Steve Pompan: Yes. Ideally, everybody should have a happy marriage. We all went into our marriages thinking they would be successful. However, things happen in life and directions change. Everyone deserves happiness. The Divorced Over 50 (DO50) network for both personal and business has helped my progress in adjusting to a new life.
Many visitors to Divorced Over 50 are either Di-Curious, or in the very early stages of their Divorce. If that’s you, it means that final decisions about post-Divorce finances have not been made, so there’s still time to get it right.
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.
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.
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.