I’m separated and want to buy my spouse’s share of our home. How will this affect my retirement?
A recently separated individual in their late 50s is considering buying their spouse's share of the family home, raising concerns about retirement planning. Financial planner Leslie Logan emphasizes the importance of understanding the financial implications of this decision. While keeping the home can provide stability, it may also lead to financial strain and affect long-term retirement goals.
- ▪The trend of 'Grey Divorce' is increasing in Canada, particularly among individuals over 55.
- ▪Buying out a spouse's share of the home can impact long-term financial stability and retirement plans.
- ▪Individuals may need to divert savings or take on debt to afford the home, affecting their overall financial situation.
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Open this photo in gallery:Illustration by The Globe and MailShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountQ: I’m recently separated, in my late 50s and worried about my retirement plan as I’m now just preparing for myself. I’d like to buy my spouse’s share of the house to keep the family home. How might this affect my retirement?We asked Leslie Logan, senior financial planner at TD Wealth, to answer this one. Although divorce rates have been steadily decreasing in general, the number of people who are either separated or divorced later in life is rising in Canada, according to Statistics Canada.
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