Retirement Plans Thrown Into Disarray by a Divorce

The New York Times reports on the impact of divorce on retirement plans, beginning “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.

“The financial belt needed to be tightened,” said Mr. Miller, now 61 and managing director of Integra Shield Financial Group in Minnesota. “It doesn’t go around as well.”

Like Mr. Miller, more Americans are going through so-called gray divorces and the downsizing that follows.”

via Retirement Plans Thrown Into Disarray by a Divorce –

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.