The dust is finally settling, and you are starting to get the hang of your new way of life since your divorce became final.
If you weren’t able to begin preparing for your retirement before or during your divorce proceedings, don’t worry the team at Marriage Financial Solutions will help you put together a financial plan to help you meet your retirement goals.
When planning for your retirement, there are several pieces of the puzzle to keep in mind:
- What…
- Funds are coming in?
- Financial expenses are being paid out?
- Expenses could you remove from your current financial situation?
- Determine…
- The yearly and monthly amount you are going to need to live on
- Your desired retirement age
- Other goals and aspirations you may have
Here are some other items to keep in mind depending on your current age vs. your retirement age:
- Inflation – it can work against you if you are young
- The closer you are to retiring, the less risk you should take in your financial portfolio
- The younger, the better – when you start young, you have more options and have the potential to gain more with your financial strategies.
- If your retirement has several moving parts, such as relocating, paying for your child’s college or crossing things off your bucket list – breaking them down and looking at each one separately can help you see the forest through the trees
Divorce is challenging; your financial future and retirement plan doesn’t have to be.
Our advisors at Marriage Financial Solutions can help you understand how to prepare and save for your retirement.
Reach out to us today to see how we can help!
Note: This information is general in nature and should not be construed as legal/financial/tax advice. You should work with your attorney, financial, or tax professional to determine what will work best for your situation.