In Sanford's experience, helping your retirement funds recover from divorce starts by figuring out where they currently stand, and what needs work. "Part of what people are required to do in the process of divorce is go through their different expenses. Think, 'What do I need for housing, groceries, dining, entertainment, travel, healthcare, medical costs? Those kinds of things,'" she says.
Then, it's important to consider anything you've gained or lost in the divorce. "How will any compensation be treated if there is anything such as alimony or property equalization, and what are the tax implications of that?" Sanford says. Then, you can start thinking about new retirement goals, and finding out how much you'll need to make them possible. To get a new retirement plan on track, Sanford says that meeting with aIn her practice, planning for retirement after a divorce means looking at all sides, fromincome to alimony. "We collaborate on a plan so you can see the impact of different retirement ages, the impact of different matching from workplace benefits, and different ages to receive Social Security income.
She continues: "Then, we find out what amount they need to save, what savings rate we should count on, and what their risk tolerance is." From there, it's all about starting to save again. Divorce can make a big dent in retirement plans. While your plans will look different post-divorce, it's possible to get yourself on a new path.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why a consultant recommends the Sapphire Reserve and Amex Platinum - Business InsiderFor this frequently traveling consultant, the Chase Sapphire Reserve and Amex Platinum are essentials for everyday spending and earning. Reminds me of Citi-bank Dinner's Club card which was offered voluntarily .Though Purchase limit is Unlimited on Dinner's-club -didn't use it for Long as I've principle to never seek Happiness over Borrowed money Thanks to narendramodi's Acche-Din: Nil-Cash in Market -So-Relaxed help him out! show him some love. thx :)
Source: BusinessInsider - 🏆 729. / 51 Read more »
Why I took out a personal loan to boost my credit score - Business InsiderInitially I worried that taking out a personal loan would complicate my life. However, being strategic about my loan has actually made my life easier.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Why Delta Air Lines’ $1.6 Billion Bonus Payout To Employees Is A Smart Business DecisionDelta Air Lines CEO Ed Bastian announced that he will pay his employees a record-setting $1.6 billion on Valentine's Day. “The airline is also being sued for dumping 15,000 gallons of jet fuel over a school in Los Angeles, dousing young children.” 😳 Wow congratulations maddietaber feel like you would enjoy this
Source: Forbes - 🏆 394. / 53 Read more »
Going freelance was one of the best decisions I've made for my health — here's why - Business InsiderWhen Lindsay Patton-Carson was fired from her job, she realized that she could become a full-time freelancer — and it's been great for her health. Was good for me too. Except when you a black and too good at your job you run into problems in the UnitedKingdom also done wonders for your smile.........
Source: BusinessInsider - 🏆 729. / 51 Read more »
Camel milk can cost $30 a litre. Why is it so expensive? - Business InsiderCamel milk may not be quite as popular as cow milk. Compared to the 600 million metric tons of cow milk produced worldwide, only about 3 million tons of camel milk are produced each year. Because camels yield much less milk: about 5-8L daily. And they are sensitive animals that require extra human care and special farming setup.
Source: BusinessInsider - 🏆 729. / 51 Read more »