Alimony and Planning for Retirement in Florida

Due to recent changes in Florida’s alimony laws, spousal support funds are now more closely intertwined with retirement planning than ever before. Accuracy is key when creating your retirement budget, and you need to consider every possible variable. Before you consider how alimony might affect your retirement, it may help to discuss this subject with an experienced spousal support attorney in Orlando.

Calculating Your Retirement Budget as a Recipient of Alimony 

If you expect to receive alimony or you’re currently receiving these payments, there are a few basic factors you need to consider when planning your retirement. First and foremost, it may be unwise to even consider alimony as you calculate your retirement budget. Why? Because permanent alimony has now been abolished. If you’re divorcing as a young individual, there is virtually no way you will continue to receive alimony after you retire.

Furthermore, your ex will likely have an opportunity to cease paying alimony once they retire. While Florida’s recent ban on permanent alimony stole the headlines, the Sunshine State also made it much easier to stop paying alimony once you retire.

What does this mean? Even for older couples in so-called “grey divorces,” alimony is not a reliable source of income during retirement. If you divorce and your ex retires a few years later, this may mark the end of your alimony. Even if they retire before the average age of retirement (approximately 65), they could stop paying alimony if it is the “normal retirement age” for their specific profession. For example, firefighters tend to retire much earlier than others.

Calculating Your Retirement as a Payer of Alimony 

If you are currently paying alimony or you expect to make these payments after your divorce, calculating your retirement budget may be easier than you realize. Although taking a conservative approach is always a smart choice when it comes to retirement planning, you may not need to factor in alimony at all. For the same reasons detailed above, paying alimony will likely become unnecessary after you retire.

As a result, you might have more money than you realize with which to retire. Depending on your circumstances, Florida’s new alimony laws may make it easier to retire sooner than you had originally planned. This may be especially true for middle-class individuals and those who earn relatively high incomes. With no alimony burdens to consider, it may be possible to retire many years earlier.

Of course, each person’s situation is slightly different. In order to accurately plan your retirement with accurate alimony calculations, consider speaking with a lawyer. A family law attorney can also help you stop your alimony payments after you retire, as your payments do not stop automatically.

Find an Experienced Alimony Lawyer in Orlando 

If you’ve been searching for an experienced alimony lawyer in Orlando, look no further than Steve Marsee, P.A. Over the years, we have helped numerous spouses who have questions about alimony in Florida. We know how difficult it can be to plan for retirement if you’re uncertain about alimony. Reach out today to continue this important discussion in more detail.

Sources: 

flsenate.gov/Committees/BillSummaries/2023/html/2984

msmagazine.com/2023/07/26/alimony-florida-women/