The divorce rate among baby boomers is on a steady rise, and it’s wreaking havoc on their finances—especially those already in or nearing retirement.
“If you look back 20 years ago, one in 10 people who were divorced were 50 or older,” says Ann Dowd, vice president of retirement and investment strategies at Fidelity Investments. “Now, it’s one in four–which is a stunning increase. Women in particular are the hardest hit by this.”
A divorce at any age can be devastating, but when people are nearing retirement or haven’t been in the work force for decades, the split often leads to financial insecurity. Dividing assets in a separation can be tricky, especially if one person in the couple dominated the financial decisions states an article Fox News Mature Divorces.