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Post-Divorce Financial Planning for Divorcées 50 and Over

Divorce is scary, emotional and stressful at any age, especially after a long-term marriage. After years of creating a life together, going through the process of unravelling that life, and creating a new life independent of your spouse can be terrifying, especially if you have reached or are near retirement age.

There are new issues and complexities that come along with reaching retirement age. These issues include determining when to retire from employment, whether to draw social security early or wait, and determining exactly how much monthly income will be necessary to live comfortably through retirement. In the event of divorce, on top of all of these concerns is the fact that the home you built with your spouse will soon be divided and the fact that the spouse you believed would be there with you during this pivotal time in life will no longer be there.

Once the divorce is finalized, and reality sets in that it takes more money to operate two households than it takes to operate household, many divorcées over 50 wonder: “What next?” “How do I rebuild?” Below are just are few points to consider when constructing your post-divorce financial plan. For assistance in implementing the following points and suggestions, seek the guidance of a qualified account or financial professional.

  • Consider starting a new or second career
  • Postpone retirement for one or two years to confirm financial circumstances
  • In lieu of retiring completely, consider a “phase-out” retirement – working on a scaled back basis for a while before retiring completely
  • Focus more contributions toward retirement funds in lieu of college or other funds
  • Create a budget to help assess spending habits and control unnecessary spending
  • Increase savings
  • Pay off debts, including mortgage debt, as soon as possible – this will reduce liabilities going forward
  • Consider selling the marital home and opting for a smaller more affordable home


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