Episode 17: "Divorce & the Financial Impact on Retirement"

Divorce is difficult anytime, but it’s especially difficult when it happens during in or nearing your retirement years. It’s the event that can singly halve your assets while doubling your expenses, which can be catastrophic in retirement. In today’s show, Tom & Kristin delve into what people are calling “Gray Divorce” and discuss why it’s on the rise. More importantly, they take a deep dive into the unique financial challenges people will face and need to prepare for when they decide to part ways later in life. This is a valuable episode you won’t want to miss. Tom also provides some crucial advice and tips to those that are already divorced and trying to financially recover. Jump to a segment using the 𝘁𝗶𝗺𝗲𝘀𝘁𝗮𝗺𝗽𝘀 𝗯𝗲𝗹𝗼𝘄! 👇   TIMESTAMPS 00:00 Divorce & the financial impact on Retirement Planning 05:40 Why “Gray Divorce” is on the rise. 14:00 The Unique financial challenges that come with divorce in retirement. 14:42 Separating real estate assets & retirement pensions & IRAs. 20:00 The importance of securing advice and planning when dividing retirement assets. 21:13 How health care insurance is affected by divorce, especially in retirement. 22:22 Managing life insurance policies. 23:15 Social Security benefits and divorce 28:26 Tax implications when it comes to divorce. 30:23 How to divide retirement accounts in divorce (QDRO). 31:19 Why alimony/spousal & child support are so important. 32:48 Property transfer tax implications. 34:30 Estate planning & inheritance 39:30 Tips for those trying to recover financially after divorce. Have specific questions for Tom and the team at Mosley Wealth Management? Contact us here 👇 https://mosleywealthmanagement.com/contact/  =========================================== If you enjoy this content, please 𝐒𝐔𝐁𝐒𝐂𝐑𝐈𝐁𝐄! https://www.youtube.com/channel/UCPMvD3G1cZA1Kz4CKnwynhA?sub_confirmation=1 ===========================================    ⭐ 𝐂𝐎𝐍𝐍𝐄𝐂𝐓 𝐖𝐈𝐓𝐇 𝐔𝐒 𝐎𝐍 𝐒𝐎𝐂𝐈𝐀𝐋 𝐌𝐄𝐃𝐈𝐀⭐ - Facebook: https://www.facebook.com/mosleyeaseintoretirement - Instagram: https://www.instagram.com/easeintoretirement/ - LinkedIn: https://www.linkedin.com/company/mosley-wealth-management   #DivorceAndRetirement #RetirementIncome #RetirementPlanning #RetirementStrategy #FinancialEducation #FinancialLiteracy #HowToRetireEarly #RetirementPlanningAt50 #RetirementPlanningAt60 #HowMuchDoINeedToRetire #HowToRetireEarly #RetirementPlanningTips #FinancialAdvisor #SocialSecurity  DISCLOSURE: Investment advisory services offered by duly registered individuals through Mosley Wealth Management, Inc. (“MWM”). MWM and Mosley Insurance and Financial Services are affiliated companies by common ownership. License # 0K76766 Investing involves risk, including the potential loss of principal. Any references to protection, safety, or lifetime income, generally referred to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength claims paying abilities of the issuing carrier. This content is intended for informational & educational purposes only. It is not intended to be used as the sole basis for financial decisions nor should it be construed as advice designed to meet the particular needs of an individual situation. All hypothetical examples are provided for illustrative purposes only; they do not represent real life scenarios. Mosley Insurance & Financial Services nor its agents or representatives may not give tax or legal advice. Individuals should consult with a qualified professional for guidance before making any investment...