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Women who divorce near retirement could face financial problems

Women in Colorado who divorce after the age of 50 might be more likely to spend retirement in poverty than women who have never been divorced. In 2010, baby boomers were divorcing at more than twice the rate of the same age group in 1990. However, researchers from Boston College and Mathematica Policy Research examined data on 56,000 women and discovered that those in the 50-to-74 age range were more likely to be working full-time if they were divorced than women in the same age range who were not divorced or had divorced earlier in life.

According to the study, divorced women between the ages of 50 and 74 are 3 percent more likely to be working full-time than those who divorced 10 years earlier. Furthermore, since women are more likely than men to stay at home and care for children, they may also return to the workforce with less earning power.

According to the Social Security Administration, women who remained single were financially better off than women who were divorced. More than 20 percent of divorced women older than 80 live in poverty.

Women who are facing divorce might want to make sure that they secure themselves financially. This might include ensuring that they get a share of assets like retirement accounts and that they are able to get spousal support if they have not worked outside the home. If there are still children at home and the mother is the custodial parent, then she may be entitled to receive child support.

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