Engaged couples in San Antonio often dream of having storybook weddings with storybook endings. Unfortunately, sometimes, divorce is impossible to avoid, and in some cases, it happens when the spouses are over 50 years old. A couple of tips, however, can help people who are getting divorced at older ages to keep their marital breakups from derailing their retirement.
First, it would behoove those who are getting divorced over 50 to figure out their new cash flow each month as soon as possible. How much income will they have flowing in and out of their coffers after the divorce versus before it? Once they understand this, they can more appropriately reduce their expenses, boost their incomes or do both to keep themselves afloat financially.
Second, those going through gray divorce may benefit from recalculating their retirement savings. Based on their new incomes, they may need to change their goals for how much they will save for retirement. The good news, though, is that people over the age of 50 are allowed to contribute as much as $6,000 more in their 401(k) plans or their individual retirement accounts, which is helpful if they need to catch up on their savings.
Divorce can no doubt be trying at any age, but it presents unique challenges for those getting divorced during their retirement years. The best situation is if two older spouses who are going through divorce can find common ground regarding matters such as property division. This would allow them to resolve their divorce issues outside of court rather than going to divorce trial, which would save them both time and money. An attorney can provide guidance regarding how to effectively navigate an out-of-court divorce proceeding in San Antonio.