Financial impacts of the midlife crisis explained by Eric Lebel
Eric Lebel, Recovery & Reorganization Partner, depicts the financial consequences a midlife crisis may have, in an article in Les affaires. This period of self-questioning, conducive to separations, thoughtless spending and career changes, also affects retirement planning.
The expert recalls a failed career change by “a woman who bought a store without knowing much about how to manage a business. Since sales weren’t rising, she reinvested personal funds, but the store ended up closing and she wound up in bankruptcy”.
Eric Lebel also mentions the major impact of divorces on personal finances. “The basic cost of living is about $2,000 a month for a single person, compared to $2,500 for a couple,” Éric Lebel estimates. If the couple together earned $4,200, separation leaves little leeway to save for retirement.”
To learn more, see the article Quand la retraite souffre de la crise de la quarantaine (When retirement suffers from the midlife crisis)
12 Jun 2015 | Written by :