You are getting a divorce
Going through a divorce is difficult at any age but especially after spending more than 20 years together. Although the overall divorce rate has declined in the last 20 years, it has increased among people aged 50 and more. Apart from the emotional impact, a divorce can also affect your finances and retirement savings in unimaginable ways.
“Getting divorced after age 50 or 60 has a significant impact on the ability to retire,” says Renee Senes, a certified divorce financial analyst. Whatever plans you may have had based on two social security checks, a 401(k), and maybe even a pension, will go down the drain.
More than that, the fact that life expectancy increased makes it even harder to recover the savings before the divorce. People will need to work longer to be able to live the retirement they expected before the divorce. Luckily, all is not lost. Check out these  15 Ways To Safeguard Your Financial Future in case you and your spouse separate in your later years of life.
You didn’t contribute to an IRA when you had the chance
You are allowed to make contributions to an IRA or Roth IRA even if your employer provided a retirement plan for you. Your contribution on your income taxes might not be deductible, but this contribution would consist of after-tax dollars, money that has already been taxed. Therefore, you can still earn something on the money that grows tax-deferred.
