Recently, three Probate and Family Court Justices were asked if they would consider a living expense line item that provided for retirement savings for a payee spouse. The judges responded that they had not had this proposed to them, but were intrigued by the concept.
In this excellent article, David Goodman writes that the issue of retirement is a significant one, especially under the new alimony law. In many cases a payee spouse, often the wife, will no longer receive alimony when the payer spouse, often the husband, retires. This means that the payee must either have sufficient income or assets to provide for her/his living expenses at age 65. Depending on circumstances, this may require higher alimony and/or a larger property settlement.
When I work with payee and payer spouses in long-term marriages I make sure to address the issue of reduced support in the retirement years.
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