Divorce rates for people age 50 and over have doubled since 1990, according to the Pew Research Center. Divorce can have both positive and negative impacts on happiness and finances.

Michael Finke, chief academic officer of the American College of Financial Services, stated at a conference that recently divorced women between ages 60 and 65 are the happiest of divorcées, though married retirees are generally the happiest group on average.

In terms of finances, especially in retirement, divorce creates new challenges and planning opportunities. The increase in divorced and single retirees has created a need for advisers to understand different retirement planning strategies.

Social Security

Divorce impacts American’s largest retirement income source: Social Security. While a number of nuances surround Social Security planning and divorce, the general rule is that an individual can claim benefits based off their ex-spouse’s work history if:

Read the Full Article on InvestmentNews

facebook twitter linkedin mail print
Share Post: facebook twitter linkedin mail print
Recent Posts
Blog

5 Ways Hiring an Intern Will Enhance Your Firm

By: Jessica Harrington
Fall normally means cooler temperatures and changing leaves. For advisors, it marks the last push to meet yearly goals and put a bow on another year of helping clients …
Blog

Does Your Advisory Firm Need to Worry About the California Consumer Privacy Act?

By: Zach McDonald
When the GDPR went into effect on May 25, 2018, more than $8 billion worth of lawsuits were filed in one day against Facebook and Google alone. Ticketmaster soon …
Blog

Lessons from Porsche: 5 Fundamentals of Growth for Advisors

By: Michael Rose
So, you’re trying to build something that goes really fast in the right direction. The engineers and designers at Porsche recognize that if you slap a huge, powerful engine …
Blog

3 of Our Favorite Parts of the New Carson Client Experience

By: Andrew Rogers
Single sign-on isn’t rocket science in fintech. If anything it’s common and almost expected nowadays. But it’s the first thing we think about when we search for and build …
1 2 3 50