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Retirement Plans Thrown Into Disarray by a Divorce (New York Times)

FROM THE NEW YORK TIMES, June 27, 2014:

AFTER enduring a divorce four years ago, Mike Miller’s vision for a golden retirement got an unexpected makeover. Mr. Miller had been married for more than 30 years, and now he was single. His longtime dream of a shared retirement was shattered. He was also facing another unwelcome outcome: living in a smaller home and taking fewer vacations . . . Like Mr. Miller, more Americans are going through so-called gray divorces and the downsizing that follows.

The divorce rate in the United States among people 50 or older has doubled since 1990, according to a study by the National Center for Family and Marriage Research at Bowling Green State University in Ohio. And as the American population steadily ages, gray divorces will keep rising: By 2030, it is estimated that 800,000 will occur annually.

Besides causing depression and dashing dreams, these divorces can sabotage retirement plans as assets are cut in half and expenses as a divorced single rise. For some older people, emerging from divorce with retirement plans intact can be challenging . . .

Read the complete article on the New York Times website.