Skilled And Personalized Family Law Services

How gray divorce can change people’s retirement plans

On Behalf of | Feb 3, 2025 | Retirement Plan |

The prospect of retirement is typically rather exciting. People usually look forward to the idea of enjoying time with their spouses and grandchildren. Travel plans or an opportunity to finally write a novel can contribute to a powerful sense of anticipation related to retirement.

For many people, anxiety about financial matters may temper that excitement. Living on a fixed income can be a challenge. For many people, that natural financial anxiety worsens if they start thinking about divorce. Whether couples struggle with empty nest syndrome when their children move out or grow apart throughout their working years, they may decide to pursue a gray divorce.

During gray divorce proceedings, spouses who have spent decades together separate. People can expect a divorce later in life to have a noteworthy impact on retirement matters. What retirement concerns do those preparing for a divorce later in life need to consider?

Using savings to support two households

Retirement savings and pensions are typically subject to division when couples divorce. Those savings, which may have been adequate for a comfortable standard of living in a shared household, may fall a bit short of ensuring the same standard of living for two separate households.

Spouses may need to consider various ways to reduce their cost-of-living expenses. Taking on roommates or living with family can help. So can reducing travel plans. In some cases, people may choose to seek part-time jobs or even continue working full-time for a few extra years to rebuild their retirement savings after a gray divorce.

Changing family dynamics

Many people expect to enjoy their golden years by spending time with their children and grandchildren. They may also count on their children as caregivers. However, the emotional aftermath of a gray divorce can leave some people alienated from their adult children. They may find themselves cut off from family support, which can influence their long-term care costs.

Addressing concerns about loneliness

Advanced age often comes with increased risk of intense loneliness and social isolation. Married couples at the very least have one another for regular company and support.

Single people rely more heavily on platonic relationships and family interactions. People preparing for gray divorces may need to look for ways to broaden their social circles or strengthen pre-existing bonds so that they have the connection they need for optimal health and happiness in their golden years.

Discussing the various consequences of a gray divorce with a skilled legal team can help people prepare for the best future possible. Spouses who are pragmatic and focused on the big picture during gray divorce can place themselves in a healthy and optimistic position.