Divorce in retirement ‘carries risks’

Posted 13/03/2012

Choosing to ask for a divorce during retirement carries a wide range of risks, according to Tina Di Vito, head of Bank of Montreal’s BMO Retirement Institute.She explained a lot of people are aware of their healthcare needs in their later years and the impact inflation is going to have on their finances, but do not realise what would happen if they were to split from their partner.Speaking to Reuters, Ms Di Vito noted the risks of being single in retirement are not often spoken about.Judith McGee, a Raymond James Financial Services adviser in Portland, Oregon, added one of the challenges in dealing with a divorce in later life is the feeling of grief that comes with the separation.Justice minister and Huntingdon MP Jonathan Djanogly recently urged those considering asking for a divorce from their partner to try mediation before turning to the parting as a last resort, reported the Cambridge News.