And Why They’re Important to Consider THE SHADES OF GRAY DIVORCE
The divorce rate for couples over 50 has nearly doubled in the last decade. Divorces that occur later in life, sometimes called “gray divorces,” happen for many of the same reasons as any other divorce: financial pressures, infidelity, or a desire for independence. Whatever the reason, older couples often face unique, age-related challenges concerning their finances and dependency upon one another that can factor into the proceedings. Dividing retirement plans can be complicated and is often done through a separate court order called a qualified domestic relations order. You’ll also need to consider whether you can receive survivor benefits after the divorce in the event that your ex-spouse dies, if any loans taken against a 401(k) should be repaid, whether you’re entitled to any contributions made to your combined retirement plans, and whether you can receive distributions and still avoid tax penalties. There are many nuances to wade through when it comes to divvying up retirement assets.
Social Security benefits can’t be divided by a divorce court like retirement assets can, but benefits are greatly dependent upon your income after divorce and should be monitored carefully. If you’ve been out of the workforce during your marriage, have been married for 10 years or more, and are 62 or older, you can still collect retirement benefits on your former spouse’s Social Security without reducing their benefits. You can also switch from their benefits to your own if you prefer. will most likely be to your day-to-day life. You may be expected to live on less than anticipated, work longer than expected, or even re-enter the workforce. Whatever direction you find your life now taking, plan your approach effectively by calculating your living expenses, generating income, mixing up your portfolio, and understanding the value of your time and your aspirations. And don’t forget the importance of having a lawyer assist you through this new phase of your life. While retirement and Social Security are important considerations in a gray divorce, the largest change
HELP YOUR KIDS ACHIEVE MORE THIS YEAR
With Simple and Actionable Goals
KEEP THINGS SIMPLE AND ACHIEVABLE.
With every new year comes an opportunity to reinvent ourselves or start down a new path toward self-improvement. Making resolutions is a big part of many families’ New Year’s traditions, and parents often have a desire for their kids to take part in that tradition when they’re old enough. Following through on resolutions is tough, especially for young children, but with your help, they can achieve their goals. You are your children’s role model for almost everything, including following through on New Year’s resolutions. So, ask yourself if you follow through on your own resolutions. When you proclaim that you will read more books or finally get a gym membership, do you actually try to do it? Your kids will assign as much importance to New Year’s resolutions as you do, so by sticking to your own commitments, you can help them stay on track, too. PRACTICE WHAT YOU PREACH.
When it comes to creating habits, nobody is perfect, so even if your kids falter on their goals in the middle of February, don’t worry. The important thing is that you continue to encourage them every step of the way.
When your kids are forming their resolutions, their first attempts will probably be very broad. Statements like “I want to be more kind” or “I will try to help more around the house” incorporate good values but don’t include any actionable steps. Help your kids think of tangible ways to act on those goals. For example, if they want to be tidier, a good resolution might be for them to clean their room once a week or take responsibility for one household chore every day. While it’s important for you to help your kids formulate their goals, be sure that you aren’t taking over. If they’re ultimately responsible for their resolutions, they’ll feel more compelled to keep them. Instead, suggest different goal areas they could improve, such as home, school, or sports, and let them elaborate. DON’T DO ALL THE WORK FOR THEM.
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