11 Signs Your Retirement Will Cost More Than You Thought

You Got Divorced

Many people aren’t prepared for this scenario. “One sure way for retirement to cost a whole lot more than you’d planned on is to lose half of your retirement savings in a divorce,” said Timothy R. Sobolewski, a certified financial planner and president of the Financial Planning Center in Amherst, N.Y.

“Frequently, a marriage fails as people near retirement age, making the problem even worse,” Sobolewski said. “Armed with no skills that might have sustained a healthy marriage and no planning for the often unforeseen divorce, their hoped-for retirement will suffer greatly.”

• What to Do

One way to avoid some of the financial fallout from a divorce in retirement is to have a prenuptial agreement. However, that might not be an option if you’re already married, Sobolewski said. In that case, consider spending some money now on counseling to avoid the bigger cost of divorce down the road.