Can Divorce Destroy Your Retirement?

If you're getting a divorce, you probably don't spend a lot of time thinking about how it will impact your retirement -- but it's a valid concern. A study by the Insured Retirement Institute found that 24% of divorced baby boomers said they'd be worse off in retirement due to their divorce, and 23% said they'll need to work longer as a result. That means you may have to take measures to protect your retirement plans -- and the sooner you do so, the better.

Even if your divorce happens decades before you retire, your retirement savings will likely take a major hit. First, a divorce usually means that the funds in your retirement accounts are divided between yourself and your ex-spouse, so your retirement savings will shrink substantially. And second, divorce means that you'll at least temporarily become a one-income household -- so you'll probably end up saving a lot less for retirement than you had planned, at least in the near term.

Image source: Getty Images.

Source: Fool.com