Your divorce is a great time to revisit your retirement plans and goals. Ask yourself this question: Are my current plans going to meet my future needs now that I’m divorced?
No matter how you're positioned for retirement, here are a few things to help you assess if you're on the right track to achieve your goals after a divorce:
- What retirement accounts do you have? List all that you currently hold and tally the amounts.
- Set an appointment with your financial planner to assess where you are and where you want to be in retirement. If you’ve got a retirement account through work, ask your company who to contact.
- If you don’t have a financial advisor, start asking around. Many banks and credit unions offer in-house financial advisors who will talk you through your retirement options before committing to their services. Ask friends and family for referrals as well.
If you’re splitting up a pension after divorce, ask your pension advisor how you can plan to make up for the short term loss to your account.
When you're going through your finances during divorce, be sure to keep in mind these often Overlooked Expenses when you're doing your planning.
Divorce is hard. Divide & Thrive makes planning for one easy.