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

Client View, Adding Non-linked Accounts and More: Updates in January 2020

By: Carson Group

You want a better experience using Client View, so you can easily see what clients are seeing to better serve them. You also want to be able to manually add non-linked accounts to your clients’ dashboards, and bring in outside accounts without having to contact the service team.

Blog

The One Thing That Will Most Transform Your Business in 2020

By: Michael Rose
Successful Advisor-CEOs are like thoroughbred racehorses. They can do things that most of us simply cannot. But so often advisor racehorses are shackled to the plow of running the business:…
jamiehopkins

The SECURE Act’s Effect on Financial Planning: 8 Takeaways for Advisors

By: Jamie Hopkins
The first major retirement income overhaul in more than a decade is slated for Congressional approval this week, marking a dramatic change to tax law that could raise taxes on…
Blog

Why Creating Remarkable Experiences is the Single Best Way to Future-Proof Your Business

By: Jud Mackrill
There are more than 300,000 advisors in the U.S. alone – what makes you stand out? How do you differentiate your firm from every other firm out there? Here’s the secret:…
1 2 3 52