Couples who divorce or separate find retirement plans and financial future altered
Photo Credit: Justin Berhaute/Associated Press

Divorce past age 50 alters retirement plans and finances

They are known as “grey divorcees”, those who divorce or separate from a common-law union at age 50 or older

A new survey shows these grey divorcees have had to radically alter their future plans.

A large majority say their retirement will be delayed as they’ll have to work longer than planned (80%) while another majority (62%) say their finances will no longer be adequate to fund retirement.

The survey , for the financial institution “Investors Group” found 53% say their retirement plans have to be altered, and of that group more than half (55%) said their retirement plans changed completely with 47% saying they’ll have to scale back on anticipated retirement lifestyle.

Christine Van Cauwenberghe, Assistant Vice-President of Tax and Estate Planning for the company says, “With limited earning power and less time to recoup their financial losses, grey divorcees need to re-visit their financial plans.”

Just over a third of those polled (35%) classified the divorce or separation as “bitter”

The online poll was conducted in October with 1000 respondants who had divorced or separated from a common-law relationship after age 50.

Categories: Economy, Society

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