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Older adults, divorce and retirement

One important step that older California residents can take to lessen how much a divorce negatively impacts their retirement is to consult with a retirement specialist before they begin negotiating divorce settlement terms. A financial adviser can assist individuals with determining what type of financial resources they may need for the future and what they have to do to meet their financial goals. It is also a good idea to meet with the advisor after the divorce settlement terms have been finalized to determine how to get their new financial plan into action.

Older adults should also understand the tax implications of the decisions and actions they take regarding their financial assets. They should be aware of all their pretax and post-tax assets and how those assets may impact how much in taxes they have to pay in the future.

After individuals get a divorce, their tax filing status will change, which can impact how much they are taxed. Individuals who are legally separated from a spouse or who are unmarried on the final day of the year will have to file as single, which means that the amount of their standard deduction will be halved and their taxes are likely to increase.

To make the most out of their retirement income, older divorcees should carefully consider how they will file for Social Security benefits. The length of their marriage and when they file for Social Security are both factors that impact how much will be received.

A divorce attorney may assist older adults with pursing divorce settlement terms that can help them ensure that they will have the financial resources they need to have a comfortable retirement. The attorney may litigate to obtain favorable settlement terms regarding the division of assets, such as retirement accounts and real estate.

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