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.
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