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Including retirement in a Pennsylvania divorce settlement

As the baby boomer population begins to reach retirement age, the next few decades will continue to show an increasing number of aging citizens that will require financial support of some kind. Some Pennsylvania spouses may not consider retirement accounts and investments when determining their divorce settlement. This form of financial support may be important for couples to consider while they are determining their divorce settlement to ensure their ability to retire and help provide security for the future.

The National Institute on Aging published a report in which they declared a fear that a crisis that is fast approaching for the aging population in America. Many retired or elderly people rely on family or children for financial support, and with an increase in the number of ended marriages but with fewer children, they may be left to their own provisions. It can be overwhelming for a couple to think about their future as an elderly member of society during their divorce, but may be beneficial.

Pennsylvania has one of the highest populations of residents over the age of 65, making up close to 15 percent of the total population. Some couples may rely on one spouse for contributions into retirement accounts or have investments that are not equal in their amounts or maturity. This may need to be researched and calculated when a fair division of assets is being discussed.

A study found that below 20 percent of the elderly in Pennsylvania can afford to reside in an elderly care facility for over three years. A person who is aware of their potential to age and retire someday may feel a necessity to request equal division of retirement savings in their divorce settlement. A person who wishes to separate and ensure a secure financial plan for the future may seek professional guidance through the legal divorce process.

Source: pennlive.com, “Elderly baby boomers: with fewer children and more divorce, who will take care of them?“, David Wenner, July 1, 2014

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