- Divorce puts people’s retirement at risk, according to new research.
- “I hear people say, ‘I was planning on retiring. Now I have to work five more years’,” said Louise Nixon, president of QDRO Counsel, a California- based firm that focuses on the division of retirement benefits.
It’s hard to break your marriage vows and still leave your retirement savings intact.
Legal fees will ensue. Assets will be split in two. Your two-income household will shrivel down to one.
When all is said and done, ending a marriage can be almost as destructive to your retirement savings as the Great Recession was, according to new findings from the Center for Retirement Research at Boston College.
“There’s a big financial cost to…
splitting up homes,” said Geoffrey T. Sanzenbacher, associate director of research at the center and one of the study’s authors.
Around 40 percent of marriages today end in divorce.
The researchers at Boston College looked at how divorce impacts the National Retirement Risk Index, a measure of the likelihood an individual will be able to sustain their current standard of living once they leave their working life.
As of 2016…
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