FREE CONSULTATION
     (248) 356-0600 

Michigan Divorce Attorney Jannelle Zawaideh

Call 248-356-0600 for a FREE Consultation Today!

our-services-button.png   free-call-now-button.png

How can you Still Plan for Retirement After a Divorce?

Oct 02, 2015

Retirement - Image Credit: https://www.flickr.com/photos/120360673@N04/13856204644

You may think that your divorce has made it impossible to plan for your retirement. Often, after a divorce, people are stuck concentrating on the immediate future for a few years before they realize they can still plan for retirement. Here are a few great ways to start planning for retirement now.

A Non-IRA Cash Fund is a Good Choice

You need to have an emergency fund first. This should allow you to get by for three to six months if you lose a job or go through something else. Unexpected events can cause all kinds of financial issues. Make sure this fund is in place before you start investing for retirement.

Change Necessary Documents

If you have estate planning documents put together while you were married, you need to make changes. These documents need updated before you start to invest for retirement. You should also review any potential Power of Attorney privileges your former spouse may have and update these documents, too.

Use a Budget

A budget is a great tool to help you establish an amount for retirement savings. You will be able to track where every penny is going and assign every dollar a job. This will show you what your cash reserve is every month and how much you can save.

Start As Soon As Possible

Whether you are older or younger, you should start saving for retirement as soon as possible. It may be better to pay off your debts first and every situation is different. However, the sooner you start saving for retirement, the more you will have in the bank when that day comes.

Hire a Financial Advisor

If you need an expert on your side, and most people do, a financial advisor can help. They can help with the confusion surrounding spousal support, child support and other new expenses you never used to pay.

Saving for retirement is important and a divorce doesn't make it impossible. Make sure you speak with your attorney about what you should do first and how you should proceed.



Tags:
Category: After Divorce

Add Pingback

Representing divorce and family law clients in

Oakland, Wayne, Livingston, Washtenaw and Macomb Counties!

contact-us-now-button.png

LATEST BLOGS

Filing for divorce is absolutely never easy. Even if you have made the decision that you need to fil… Read More

One of the biggest concerns many parents have when considering divorce is what will happen to their … Read More

CONTACT INFORMATION

address.png

26677 W. 12 mile Rd. Ste 171
Southfield, MI 48034


telephone.png

Phone (248) 356.0600

mail.png

info@themichigandivorcelawyer.com

twitter.png  facebook.png  google.png

© 2014, The Law Offices Of Jannelle J. Zawaideh, All rights reserved.