- BRW Lists
Published 09 July 2013 12:03, Updated 11 July 2013 00:06
His divorce from Wendi Deng means Rupert Murdoch may have to work an extra ten years to make up his squandered nest egg – though one suspects he wouldn’t mind that. Photo: Getty Images
As if we needed any more proof that marriage is the most important decision you will ever make, here comes the kicker: a divorce could add ten years to your working life.
And not in a good way.
According to Suncorp, 83 per cent of divorcees do not consider superannuation in their settlement.
“The hidden cost of divorce is that it adds 10 years to your working life and is the reality for 84,000 Australians each year,” says Suncorp’s Head of Everyday Super Lisa Harrison.
Ten years is the time that it takes to re-establish the level of wealth and lifestyle that the divorcee enjoyed before the split.
Harrison says the majority of happily married Australians expect to retire in their mid-to-late 60s, but divorcees work into their 70s and beyond.
“Legally, a divorcee is entitled to half their partner’s super. Considering super during divorce could mean the difference between being able to retire when you want to, rather than having to work well into your 70s and beyond,” she says.
For years, studies have been showing the health-and-wealth benefits of partnering well.