Huffpost Fifty

Gray Divorce Drastically Cuts Retirement Savings By Thousands (VIDEO)

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"It used to be in most divorce cases you had to worry about the kids," began CBS This Morning co-host Gayle King. "Now you have to worry about retirement!"

The divorce rate for post 50s has doubled between 1990 and 2010, with 1 in 4 people going through divorce being over the age of 50, according to a Bowling Green University study. What's behind it?

"We're living longer, and sometimes with the living longer comes the changes in expectations for your life," said CBS legal analyst Jack Ford.

But deciding to end your marriage can affect your retirement plans, including what your 401k will look like. The average divorced person has $10,000 less in their retirement savings than the average married couple.

"You sort of think of your 401k as your own, but any assets you accumulate in your marriage ... are marital assets, so those are things that will be split when you get divorced," said Money magazine senior writer Donna Rosato.

To learn more about how gray divorce can upset your retirement savings, watch the video above.

Earlier on Huff/Post50:

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