A Divorce Could Have a Big Impact on Your Retirement Savings

Divorce can affect your life in many ways. Unfortunately, one big way it could have an impact is by making it harder to retire.

Divorce can affect your retirement security because the process itself can be costly and you may drain your savings to pay for legal support. If you lose a portion of your retirement savings to your spouse or your household income goes down after divorce and you find it difficult to continue saving, that could also reduce the size of your nest egg.

But just how much can ending a marriage affect your later years? Data from the National Institute for Retirement Security (NIRS) reveals that the consequences can be dire if you don't act.

Source Fool.com