Don't Let Divorce Wreck Your Retirement

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Have you seen the Netflix movie "Marriage Story?" It's about the painful split of a couple with a young son. What struck me is how the divorce process takes on a life of its own, burying the spouses -- Adam Driver and Scarlett Johansson, who start off trying to be amicable -- in more bile and bills than they'd ever seen coming. They're still in their 30s when the movie ends, so they have decades to rebuild their savings. Financially speaking, it's harder to divorce on the cusp of retirement. There are more assets to divide, and there's less time to recover from mistakes or market crashes. But there are steps you can take to mitigate the financial fallout of a midlife divorce. Read more about them in today's edition.   Best wishes, Elizabeth P.S. If you got this newsletter from a friend, sign up here for email delivery to make sure you don't miss the next issue. To listen on podcast platforms or smart speakers, click here. TIMELY RETIREMENT NEWS, INSIGHTS, AND ADVICE 5 Ways to Stop Divorce from Wrecking Your Retirement For starters, you'll need a new financial plan. Best Buy and Amazon Have Killer iPad Deals Right Now In some cases, they're just as good as Black Friday. The New Rules for Figuring Out How Much Home You Can Really Afford Remember, extra square footage comes with extra cost. RETIRE WITH MONEY COMMUNITY INSIGHTS This week in our Retire with Money Facebook group, members discussed this story about how $3 million is the new $1 million when it comes to retirement savings goals. Most posters dismissed that as too lofty. I agree that it's likely to make most people's eyes glaze over. The problem with setting the target too high is that some people might give up saving anything if they think the goal is completely out of reach. In reality, something saved is always better than nothing saved. One member put it well: "With the right income strategy, most can do pretty well with less than that. Increasing the final goal just add stress to the still working youngsters. Enjoying life/people while you can is more important than having $3M at retirement." RETIREMENT NEWS FROM AROUND THE WEB Here's How Your 1040 Tax Form Looks Different This Year There's a new Form 1040 for seniors. MONEY TALKS NEWS When Does Someone Become "Old?" There aren't many non-pejorative ways to refer to adults who are past middle age. THE ATLANTIC When Your Parents Need Financial Help Offer to help, don't order them around. NEXT AVENUE A Guide to Following the Health Debate in the 2020 Elections Parsing the terminology candidates are using on the campaign trail. KAISER HEALTH NEWS ABOUT ELIZABETH Elizabeth O'Brien is a senior writer at MONEY. She has covered retirement and health care for nearly a decade. A Brooklyn resident and mom of two boys, she navigates the alphabet soup of Medicare and the New York City subway system with equal ease. You can email her at elizabeth.obrien@money.com and follow her on Twitter at @elizobrien.

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