Why is retirement a big issue for grey divorcees?

| Jun 8, 2021 | Divorce |

Grey divorcees often face unique challenges during and after their divorces compared to younger couples. A large majority of this occurs because of the different stages in life you and other divorcees are at. 

In particular, you will likely face more issues with retirement as a grey divorcee. But why is this such a prominent issue? 

Retirement plans interrupted

Forbes examines the main challenges faced by grey divorcees. Topping the list are issues with assets, benefits and retirement plans. In many cases, the three issues tie together, too. 

Retirement serves as a huge hurdle for grey divorcees simply due to the fact that you are much closer to retirement age than a younger couple. As someone over 50, you may even already have retired. Or perhaps you planned on it within the next few years. Maybe you tapped out of the workforce decades earlier to stay home and raise your family, and now you struggle with the notion of having to re-enter it. 

Many couples rely on one spouse’s retirement plan or benefits to get them through in retirement years. While this plan works well for plenty of couples, divorce throws a huge wrench in your plans. Needless to say, you will not indefinitely split an ex-spouse’s retirement benefits with them. 

Alternative financial support

You may have access to some through spousal support or division of assets. But these payments do not last forever. In many cases, they do not make up the difference that you would have received if you stayed together, either. 

So what can you do? At this point, you may want to contact legal help. They can get you the best support possible.