A Useful A-z On Smart Secrets
In community property states, there's not much else you can do; a retirement account that you owned and funded prior to your marriage should be safe, but any post-marriage retirement assets will be split 50-50 between you and your spouse. In an equitable distribution state, getting a good divorce lawyer and coming up with a compelling EdmontonDivorceMediation argument for the judge can help you to get a favorable decision in court, but it's definitely not a sure thing. Once you know how much of your existing retirement savings you'll get to hang on to, it's time to draft a new retirement plan. You'll need to factor in both the reduction of your existing savings and (most likely) the reduction of your future income. On the other hand, now that it's just you, you'll probably be able to set a lower goal for how much income you'll need in retirement. A retirement calculator can make this entire process much easier by doing the heavy lifting for you. After you've played with all the revised numbers and come up with a new plan, the hard part begins: You have to actually start saving the amount called for in your plan at a time when your financial life is probably a mess. If your target contribution is truly out of your reach, start small. For example, if your calculations tell you that you need to save $1,000 per month to hit your retirement goal and your income is currently $3,000 per month, it's unlikely you'll be able to make that happen. Instead, compromise and save a smaller amount until your income catches up with your saving requirements. Once your lifestyle has recovered, you can do some extra saving for a while until you're back on track.
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