The divorce rate for long-term marriages among senior citizens has nearly doubled over the last 20 years. The phenomenon has become so prevalent, in fact, that there are now societal terms for them, including “grey divorce” and “silver splitters.”
Unfortunately, divorcing as you near retirement can have serious financial consequences - and for some, the result could be devastating. Thankfully, there are some strategies that can be used to offset at least some of the risk.
1. Postpone Retirement or Re-Enter the Workforce
If you were planning on retiring - or have already entered into your retirement - and are planning to divorce, you may want to postpone or re-enter the workforce. One of the biggest reasons that later-life divorcees are at such great risk for loss is that they do not have as much time to recoup from the financial implications of divorce. Give yourself even just a few extra years and you reduce the amount of damage that a divorce could do to your financial standing over the next few years.
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