I’m 63, getting divorced and feel completely off course. How do I save my retirement with just half my assets?

Core Insights - Divorce in later life, particularly in the 60s, poses unique financial challenges for individuals approaching retirement [1][2][3] Financial Implications - In California, assets acquired during marriage are divided equally, which means Mark receives approximately half of the couple's joint assets [2] - Mark's retirement savings, including his 401(k) and IRA, are halved due to the divorce, significantly impacting his financial security as he nears retirement [3] - Mark is currently living with his son in their home, deferring the sale of the property, which delays access to his share of the home's value [4] Lifestyle and Financial Pressure - Both Mark and his ex-wife face increased financial pressure; Mark is still earning a salary while his ex-wife is retired and drawing from their shared assets [4] - The couple's housing costs have effectively doubled, leading to increased financial strain as they manage utilities, insurance, and maintenance [4] - Although Mark may have enough to get by in retirement, he lacks the funds to maintain the lifestyle he had envisioned with his ex-wife [5] Investment and Income Strategies - Mark's investment portfolio is generating less passive income than in previous years, and he cannot access his home equity until the property is sold [6] - As Mark continues to work, he has the opportunity to rebuild his retirement savings, but he must manage his expenses carefully due to the increased cost of living [6]