Perhaps you either married later in life or tried to improve your marriage multiple times over the decades to no avail. Either way, you are about to both retire and divorce at the same time.
To help you through “gray divorce,” see how U.S. News & World Report can help. Unique circumstances call for unique insights.
Check on your Social Security payments
Contact the Social Security Administration to determine how your divorce impacts your retirement income. The length of your marriage and when you start collecting Social Security are the most common determining factors in how much you can expect to receive.
Consider whether you should keep the house
Even if you finished paying for the house that you and your current spouse live in, you may think that it is too big for one person to reside in alone. Now is the time to decide if you would be better off either selling the house or renting out rooms to pay for ongoing upkeep. Of course, you may have to negotiate for the house if your spouse also wants the property.
Think about alimony
Even though you and your soon-to-be-ex-spouse are close to retirement, that does not rule out the possibility of one of you receiving alimony. This is especially true if one of you stayed home to raise kids while the other worked full-time.
Look into retirement benefits
Besides Social Security benefits, see if you have a claim to your current spouse’s retirement benefits, or if your spouse has a claim to your benefits. You can do so by contacting your employer, your spouse or your legal advocate.
Dissolving your marriage is an ordeal no matter how old you are. Remember these tips to make the most of your golden years as a single person.