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Adjusting retirement plans following a divorce

When a couple makes the decision to divorce in Florida, they often look to the future with hope and anticipation of a happier existence. While separating from a significant other may provide considerable satisfaction and provide a healthy means to end an unhealthy relationship, it can also significantly affect the future of both people. Retirement for example, is one area that is often considerably altered when a divorce takes place, and people must carefully plan their future to adjust for any changes and maintain a reliable retirement plan. 

According to U.S. News, divorcing couples who are trying to adjust their retirement plans can benefit from doing the following things:

  • Rebalancing: Each person should take an in-depth look at their portfolio and determine which areas require rebalance. Adjustments will most likely need to be made in terms of asset allocation and should be made immediately for an optimal outcome. 
  • Social Security: Each person should understand how Social Security works and be familiar with which filing rules apply to them. Sometimes, these rules are modified because of divorce so it is critical that people understand when they can file for eligibility.
  • Goal setting: Each person should articulate clear goals regarding where they plan to start their retirement and how they wish for things to progress. 
  • Medical care: Each person should immediately begin planning their medical care needs and have a detailed plan in place that addresses their requirements.

According to the American Psychological Association, between 40 and 50 percent of all couples' divorce in the United States. This percentage is even higher for people who have been married and divorced multiple times.  

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