Sometimes “till death do us part” just isn’t soon enough.
The phenomenon of late-life divorce is growing fast — and blowing apart a lot of divorcing spouses’ retirement plans in the process.
“It’s almost like a gray divorce boom is unfolding just before our eyes,” said Ann Dowd, vice president of Fidelity Investments.
Between 1990 and 2010, the divorce rate among individuals 50 and older doubled, according to the National Center for Family and Marriage Research at Bowling Green State University in Ohio. In part because of increased longevity, late-life breakups now account for one in four divorces.
And they can destroy even the best financial planning.