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 has already worked its way through the court system, this post won’t do you much good (though it will have info you can pass along to others, or keep in mind if your next marriage doesn’t work out, either…)
But if you’re Divorce-Curious, still living together though someone’s leaving soon, or in the initial stages of your split, you will be faced with an important decision: File for Divorce, or start with a legal separation? Different states have different laws, so your location may affect your choices. But if you have an option, there are a number of factors you may want to consider.
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.
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…