Divorce Derails Retirement Outlook for Many | PLANADVISER

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Divorce Derails Retirement Outlook for Many

The latest update of Allianz Life Insurance Company of North America’s ongoing study, “Women, Money and Power,” suggests the majority of women who went through a divorce say the effect “created a personal financial crisis.”

In fact, it is a strong majority indicating as much: 64%. Nearly an equal amount (59%) noted that losing their spouse/significant other due to divorce was a real “wake-up call” for them from a financial standpoint.

“Although fewer widowed respondents (43%) said losing their spouse due to the spouse’s death created a financial crisis, a full 60% felt the loss of their spouse served as a financial wake-up call,” the study explains.

Interestingly, these responses came “despite the fact that the majority of women in the study (51%) claimed they are the chief financial officer of their household.” The findings are also somewhat surprising given that more than two-thirds of women said they currently feel financially secure, with that number rising to 73% for married women. Evidently married couples rely strongly on each other to feel financially secure.

“It’s clear that no matter how confident women feel about their current financial situation and ability to manage money, divorce and/or becoming a widow can create turmoil that has lasting effects,” observes Allianz Life Senior Director of Consumer Insights Deb Repya. “It’s important that women play an active role in every aspect of their family’s financial planning so they are better prepared for whatever challenges the future may bring.”

How the Law Office of Scott A. Ferris, P.A. Can Help

If you, a friend or a family member find themselves in a situation such as this, please call the Law Office of Scott A. Ferris, P.A. at 305 670-3330 right away. Scott A. Ferris, Esq. is a licensed family law attorney who has been practicing law since 1987. He is available whenever you need him to defend your rights. Please learn about our firm at www.FerrisLawFirm.com.

Republished by the Law Office of Scott A. Ferris, P.A.

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