Palmer Rodak & Associates
Palmer Rodak & Associates
Certified Family Law Specialists State Bar of California Board of Legal SpecializationServing your Community for 19 Years
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Divorce and retirement realities

For any resident in California who gets divorced, the prospect of giving up half or some other portion of their savings let alone many of their belongings and possibly even their home can cause a lot of anguish. When a person is approaching or even past the age where they may retire, these concerns can extend far beyond the present moment. This is because financially providing for oneself during retirement can take center stage at this point in life.

CNBC highlights that this should be top-of-mind for divorcing Californians over the age of 50. If nothing else, people at this age have less time during which to make up any losses and to amass a reasonable amount of retirement income than their counterparts in their 30s, for example. For some people, getting divorced at this stage of life might even force them to delay their retirement plans or go back to work after they have already retired.

According to the National Center for Health Statistics and the U.S. Census Bureau, the number of people who have gotten divorced over the age of 40 has increased since 1990. The rate of the increase has been even more noticeable for people over 50 than for people in their 40s. For the former group, the experience of what is called a gray divorce was said to impact 10 out of every 1,000 married persons in 2015. That is double the amount in 1990.

At the same time, the percent of people over 64 who have been divorced has grown by three times from 1990 to 2015 resulting in six out of every 1,000 people in this group being divorced.

 

 

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Palmer Rodak & Associates
Certified Family Law Specialists State Bar of California Board of Legal Specialization

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