Major life changes – illness, divorce or death of a family member – can have a significant impact on our finances, especially when these events happen later in life.
Divorce, in particular, can have severe financial implications. Studies show that 80 per cent of people who divorced at the age of 50 or older say they will be forced to delay their retirement due to the financial burden of divorce. With less time to rebuild their retirement savings and limited earning power, older divorcees are often forced to work longer and scale back their retirement dreams.
Divorce doesn’t have to be a financial backbreaker, though. With the right financial planning and budgeting, divorcees can bounce back and go on to enjoy a fulfilling retirement.