 | | |
What should I do if I'm getting divorced?
| |
It can be difficult to think about things like money and retirement during a divorce. But that's precisely when you need to take a look at your finances--before the ink dries on the divorce papers.
| |
|
The first step in getting your finances straight is to try to set your emotions aside. Making decisions now based on your feelings can threaten your retirement plans in the future. You'll want to take a hard look at the three major parts of your finances: your spending, your income, and your retirement savings.
| |
|
When it comes to your retirement plan, a divorce means having to completely rethink your goals and strategies. For one thing, you'll want to ratchet up your contributions, if possible. The extra cash will come in handy if you're relying only on yourself to get through retirement.
| |
|
You'll also want to review your investment choices. Adjust your game plan in light of the investments you may have gotten in the divorce. Re-examine how aggressively you will need to invest in order to meet your new retirement goals. And reconsider how long you plan to work before retiring--you may have to put in an extra year or two.
| |
|
Remember, divorce doesn't have to mean giving up on your retirement goals. It just means changing the way you go after them.
| |
|
