Back in “the good old days,” retirement happened at 65, the company gave you a gold watch and a lifetime pension, and you led a life of leisure as you ran out the clock in Florida or Palm Springs. Today, most of the Over 50’s who stop working before 65 will do so involuntarily, many of those who have a choice will work past that age, and the notion of a guaranteed company pension is about as common as a pay telephone. Making a bad situation worse, a whole host of other retirement assumptions are proving to no longer be valid.
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.
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…