Although divorces are generally decreasing, gray divorces, or divorces over the age of 50, have been steadily increasing since 1990. One of the biggest issues faced in a gray divorce is how to be financially secure during your retirement after separating from your spouse. These tips will help you out.
Establish Your Own Credit Score
Having a great credit score is important, and since you’ll be alone, you need to establish it in your name. Open up personal credit card accounts and make smart purchasing decisions; do everything to increase your credit score. If you have any shared credit accounts, make sure to close them up before the divorce so that your former spouse’s debts and actions don’t hurt you.
Know Your Social Security Rights
If you are over 62 and have been married for over 10 years, you may be entitled to get up to 50 percent of the amount of money your former spouse is getting on their social security account. If your spouse dies, you may be entitled to survivor benefits, or 100 percent of their social security earnings. Get an expert to help you out.
Should You Get the House?
Who will get the house? While getting the house may seem like an easy way to save money on housing expenses, don’t be so quick to choose it. You might have to give up other benefits, such as alimony. In addition, you’ll be straddled with paying for property taxes and other house-related expenses.
The most important thing to do is to get a retirement adviser to help you out. Contact us today for more information.