Divorce costs £3,800 a year in retirement income

According to new research from Prudential, divorcees who plan to retire in 2018 can expect their yearly income to drop by £3,800 compared to those who’ve never divorced.

The Prudential annual study has run for the last 11 years and tracks the finances, future plans and aspirations of people planning to retire in the year ahead. For the those retiring in 2018, expected annual retirement income is £17,600 for those who have previously been divorced compared with £21,400 for those who have never experienced a marriage break up.

Prudential analysed the latest available divorce statistics from the Office of National Statistics. The figures, covering up to 2016 showed that, the number of people getting divorced has started to rise again and that those over the age of 55 saw the greatest increase in 2016 compared to 2015.