3 Divorce Mistakes That Could Totally *RUIN* Your Retirement and How to Avoid Them
Divorce can have a devastating impact on your retirement… especially if you make 3 specific mistakes. This is the simple warning that my guest, Pam Krueger, has for us today.
On today’s show, Pam will help us to understand how to navigate through the murky waters surround us when we are going through a divorce.
Pam is one of the most sought-after financial experts in the world and I hope that you will take advantage of this opportunity to get her advice for free… it could just change your financial future!
Do you know anyone who struggled financially after a divorce? What advice would you give to someone in our community who is going through a divorce now? What questions would you like me to ask Pam on a future show? Please join the conversation.
Read more of our Sixty and Me money articles at
You can find out more about Pam and her work at and I hope that you visit her website. It is a fantastic resource for women our age!
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Divorce can be a painful and emotionally draining process for anyone to go through. Not only does it affect your personal life, but it can also have a significant impact on your financial situation – especially when it comes to retirement. Many people make critical errors during the divorce process that can completely ruin their retirement plans. In this article, we will discuss three common mistakes and how to avoid them.
1. Not Considering the Long-term Financial Implications
One of the biggest mistakes people make during a divorce is not fully considering the long-term financial implications of their decisions. Many individuals focus on short-term goals, such as getting the house or receiving a larger alimony payment, without taking into account how these decisions will affect their retirement. It is crucial to work with a financial advisor who can help you understand the potential impact of your decisions on your long-term financial security.
To avoid this mistake, take the time to carefully analyze your financial situation and consider the potential consequences of each decision. Think about your retirement goals and how the decisions you make during the divorce process could impact them. It may be necessary to prioritize financial stability over short-term gains in order to secure your retirement.
2. Overlooking Retirement Assets
Another common mistake people make during divorce is overlooking retirement assets. Retirement accounts, such as 401(k)s and IRAs, are often some of the most significant assets a couple has, yet they are frequently forgotten or undervalued during the divorce process. Failing to properly account for these assets can have a substantial impact on your retirement savings.
To avoid this mistake, work with a qualified divorce attorney who has experience with complex financial situations. They can help you properly assess and value all of your retirement assets and ensure that they are divided fairly during the divorce. Additionally, consider working with a financial advisor to develop a retirement plan that takes into account any changes in your retirement savings as a result of the divorce.
3. Not Updating Beneficiary Designations
After a divorce, it is essential to update beneficiary designations on retirement accounts and insurance policies. Failing to do so can result in your ex-spouse receiving assets that were meant to go to someone else, such as a new spouse or your children. This oversight can have disastrous consequences for your retirement plans and your loved ones.
To avoid this mistake, review and update all of your beneficiary designations after your divorce is finalized. It’s a good idea to do this even if your divorce decree requires your ex-spouse to waive their rights to your retirement accounts. By updating your beneficiary designations, you can ensure that your retirement assets are distributed according to your wishes and provide for your loved ones in the way you intended.
In conclusion, divorce can have a significant impact on your retirement plans if not handled properly. By avoiding these common mistakes and carefully considering the long-term financial implications of your decisions, you can help protect your retirement savings and secure your financial future. Working with a team of professionals, including a divorce attorney and financial advisor, can help you navigate the divorce process and make informed decisions that will benefit your retirement. Take the time to review and update your retirement assets and beneficiary designations to ensure that your retirement remains secure, no matter what life may throw your way.
My attorney said not to do it.. yet they just passed laws to make that easier
I'm a man, never married, close to retirement. When I was in my late 30s I had male coworkers talking about divorce problems, expenses and bankruptcies. Plus there were elderly men who could not retire because a divorce made it to financially difficult. I am so glad now, that I took their advice and did not marry. I have spoken to current male friends who are happily married and about to retire. I tell them my plans to move to a warmer more southerly part of the province and they say great idea, I would love that, I will have to talk to my wife. Every one's wife said no and told them what the retirement plans are. And everyone of the men let their wives make the retirement plans. Now I don't even tell women about my pension because I want to be by myself. If I married before retirement a surviving spouse would get half the pension for the rest of her life but the marriage financial risk to me is too great.
Thank you so much for this info. Very good to have. I'm 65 and heading for a divorce myself.
These mistakes mostly for marriage in community of property.
So true about reality of empty nest
What this woman is talking about is property separation not divorce. Divorce process legally ends the marriage and you can legally re marry.
Thanks for information. I filed for Divorce just before COVID-19. After 42 years of marriage. I am 63 and my Adult children are siding with my husband. I am trying to understand retirement ,IRA and 401k and confuse as my husband is the owner of Corp. so it’s kind of worrisome. Thanks for what you wonderful things doing.
Thank you so much , my ex husband he took a most everything from me , included my alimony for life , what I can do now my lawyer it was no good, she didn’t put no attention whatsoever I am 75year old and work a most 50 year in this country and have very hard financial situation, including health wise I was married 24. Years. Thank you YG
Will I be able to collect survivors benefits on my ex husband? I remarried after but that marriage ended in divorce as well. Currently I'm single and have 2 years before reaching 60.
To close a joint account, most banks, etc., require both signatures. How do you deal with that?
Hi Margaret I just went through that divorce deadline situation, I had a deadline to come back into court and ask for more help from my husband and I missed the deadline which voided at the divorce contract. I'm awaiting now to see what was changed in my divorce as we were just recently back in court after 6 years. Ladies please take this advice that Margaret has provided for us I wish I could have saw this video before I missed the deadline by a year it cost me a lot of money.
What happens when the wife was the income earner?
Thank you so much so true for widows too !!
Thanks for this Margaret and Pam. So important to change beneficiaries not only on life insurance policies but bank accounts and retirements accounts!