Divorce can turn your whole world upside down. Not only is your day to day life drastically changed in terms of where you live, who you live with, how you parent, and what your monthly budget is, but your long-term future may also have changed. You and your spouse had likely made some plans for or at least talked about retirement. Those plans have likely changed with your divorce. It is important that you spend some time thinking about retirement and how you can plan for it within your new financial parameters.
- Talk with your attorney. The first step in planning for retirement is understanding your rights under your divorce judgment. Which retirement assets are yours? Do you need to roll anything over into your own name? What are your rights to your ex’s Social Security? What other assets have you been given in the divorce? These are important answers you need in order to move forward. If your divorce is not yet final, it will be hard to plan but your attorney can help you set reasonable expectations about what you are going to end up with.
- Think about what your hopes, goals, and plans are for your older years. It is helpful to have some idea of when you want to retire, where you want to live, and what kind of lifestyle you are hoping to have. Maybe you plan to work as long as you are able. Perhaps you would like to retire from your job and find a hobby/career that will make you happy and earn some money. Do you want to stay in your home, move someplace warm, be near other seniors, or live with family? There are a lot of options to consider.
- Meet with a retirement planner. Sit down and review your existing retirement assets and what they will be worth when you hope to retire. Discuss how much you need to save to meet your retirement goals. Create a plan for the coming years that will allow you to meet your goals and retire when and how you want to. Our firm works cooperatively with financial professionals to help guide you through this process.
DeTorres & DeGeorge is your divorce law firm in the Flemington and Clinton and surrounding areas of New Jersey. Make an appointment with one of our skilled attorneys today.