Mature Georgia residents facing a divorce may not consider the impact it could have on their retirement funds. A recent article gave several examples of things people may overlook when trying to protect their assets. Individuals facing a divorce may find this information helpful when it comes to protecting their retirement funds.
A recent article specifically focused on individuals who divorce after the age of 50. According to the available information, the funds that will be available for individuals after their divorce will no longer be enough to fund their retirement. It was also mentioned that this particular age group has a more difficult time financially than younger individuals facing a divorce.
Older couples aren’t able to financially recover as fast as younger couples, and since their living expenses will increase once they start living on their own, being able to fund those expenses can be difficult. An older person’s long-term earning potential may not be as great as that of a younger person. While this may not always be the case, statistically it is certainly the trend.
For those Georgia individuals facing a divorce after 50, it may be in their best interest to research the best way to protect their assets — including their retirement funds. Taking a proactive approach may be the best way to ensure that their money is safe and to ease their minds of future worries. Since there are several ways to make this happen, understanding the applicable laws and knowing the appropriate steps to secure one’s future can be critical as a person moves forward with the divorce process.
Source: mainstreet.com, Divorce After 50?, Juliette Fairley, Dec. 9, 2013