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Retirement outlook for many people muddled by divorce

The retirement outlook for many people is muddled by divorce, according to an ongoing study by Allianz Life Insurance Company of North America called "Women, Money and Power." The study has focused on women and divorce and so far has found that the majority of respondents who have gone through divorce say that it has created a financial problem.

The study has found that 64 percent admit the aforementioned problem and that 59 percent admitted that losing their spouse due to divorce was a wakeup call about their financial situation.

"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 states.

These results came in spite of the fact that 51 percent of respondents said that they are in charge of the finances in their household. More than two-thirds of women also noted that they feel comfortable with their financial situation and that number increases to 73 percent for women who are married.

"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," the Allianz Life Senior Director of Consumer Insights said. "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."

The top concern listed by women in the study was running out of money in retirement. Thirty-four percent of respondents listed this as their top concern. This number was highest for divorced women, with 50 percent of respondents listed it as their number-one concern. Only 30 percent of women in the study said they use a finance professional for guidance.

An experienced divorce attorney in Florida can answer all of your questions regarding divorce, divorce mediation, financial planning after divorce and retirement after divorce.

Source: Plan Adviser, "Divorce Derails Retirement Outlook for Many," John Manganaro, May 16, 2017

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