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Tips for retirement planning after divorce

Ending a marriage later in life can come with many unique challenges. Among these are concerns about how the divorce will affect retirement plans and financial security. While children may be grown and homes may be paid off for older divorcees, plans for leaving work behind or moving somewhere new for retirement may be thrown off by the life change. While it may not be easy, there are some steps individuals in Ontario can take to work towards their retirement as a newly single person.

Perhaps the most obvious thing people can consider doing is making more money, either by taking an additional job or by extending the time spent working before retirement. Divorce not only leaves people with more bills, but also more time on their hands. Returning to the workforce, working toward a higher paying job and starting a side business for supplementary income are all potential options.

Those who are receiving spousal support should carefully consider how to spend these funds. This may be limited by the agreement made when divorcing, but generally they can be used to bolster savings. Separation agreements may also include pension splitting and other entitlements, so keep future plans in mind when negotiating these agreements.

There are many options that may emerge through conversations with friends, advisors and employers. For example, you may find it possible to work part time for a few years before full retirement. However, the property division and spousal support settlement in a divorce will always be one of the determining factors in a spouse's financial situation following the breakup. Finding a trusted Ontario lawyer is important for this process.

Source:, "7 ways to save for retirement if you divorce later in life", Alan F. Auteri, March 13, 2018

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