After divorce, can Jack, 53, get in touch with his retirement?

Depends upon how his ex is fairing I would imagine. He would be smart to do as advised and examine his separation agreement. Best thing is to do a step-down SS agreement which essentially encourages/prepares ex for self-sufficiency.
There was no information provided as to if ex received lump sum as well as ongoing SS.

Jack's so-called retirement sounds as though he will actually continue working in a "consultant" capacity. Pointless to speculate really. Jack could retire at 60 or 70... wife could have serious health concerns...
 
nogoingback said:
Globe and Mail Article

What would likely happen to Jack's SS (20 year marriage) when he retires at 65?
Click to expand...


It will be reduced to reflect his then income.

Jack is expecting to take in 70,000 per year while in retirement. There's quite a few families with two working adults that support two or three kids on 70,000/a, I doubt he'll struggle taking care of himself.
 
He may do what that disgraced senator has done and become a bar manager!

The disgraced military guy is now a "consultant" for a private company in the UAE and you can bet he's making more than 70k.

I agree with MSMom - will all depend on his income. Retirement doesn't eliminate SS it just might reduce it. Many factors will likely be examined at the time.
 
MS Mom said:
It will be reduced to reflect his then income.

Jack is expecting to take in 70,000 per year while in retirement. There's quite a few families with two working adults that support two or three kids on 70,000/a, I doubt he'll struggle taking care of himself.
Click to expand...

While the numbers are a bit abstract for most of us, I have found that many people live pay check to pay check, and that includes many rich people. To go from 150K a year to 70K may require some serious downsizing, including changing residences etc.

And location makes a big difference. Own a big house in Toronto, and you probably need more than 70K, own a big house outside of commuting distance from Toronto, and 70K can make a comfortable retirement.
 
DowntroddenDad said:
While the numbers are a bit abstract for most of us, I have found that many people live pay check to pay check, and that includes many rich people. To go from 150K a year to 70K may require some serious downsizing, including changing residences etc.

And location makes a big difference. Own a big house in Toronto, and you probably need more than 70K, own a big house outside of commuting distance from Toronto, and 70K can make a comfortable retirement.
Click to expand...

So, Jack wants his retirement to be at the same level as his working life even though his income is a third of what it was? Jack needs to downsize his life to reflect the downsized income. Pretty typical for everyone I think.

If people making that kind of money are living paycheque to paycheque then they're living beyond their means, which has nothing to do with spousal support and everything to do with budgets.
 
My ex has allegedly, and miraculously, retired with no income whatsoever!

He golfs in Scottsdale to boot! I must be doing something wrong.
 
My ex puts away RRSP savings and makes accelerated mortgage payments ... on 16K a year. Now THAT is amazing.

P.S. I forgot to mention the housekeeper.
 
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