What happens to my retirement if I divorce?
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What happens to my retirement if I divorce?
Pension Plans Either the divorce decree itself or a QDRO is used to move account balances from one spouse to the other as a rollover. Any pension that was earned while the divorcing spouses were married is typically considered to be joint property in most states and is subject to some form of division in a divorce.
Is retirement a marital property?
Retirement accounts are marital property, which means they are subject to equitable distribution. Depending upon the length of the marriage, the funds deposited in the retirement account(s) before the marriage are reserved to the individual who brought them into the marriage rather than being divisible.
Is it better to retire at 62 or 65?
If you claim Social Security at age 62, rather than wait until your full retirement age (FRA), you can expect up to a 30% reduction in monthly benefits. For every year you delay claiming Social Security past your FRA up to age 70, you get an 8% increase in your benefit.
