According to many experts, a person should save enough for retirement that will allow them to live each year on 70 percent of what their earnings were before they retired.
For this reason, it may be helpful for each spouse to consult with his or her own attorney and financial experts to ensure that the property division process is fair and to help that spouse plan for retirement post-divorce.
First of all, each spouse needs to be realistic about his or her finances post-divorce. This is especially true if the divorce left them with a shortfall in their retirement account. Certain lifestyle changes may need to be made to account for this.
For that reason, post-divorce each spouse should make a budget. It is important not to overspend, especially when setting up a new, single residence.
Keeping an account of all one’s expenditures can help one establish a savings account that allows them to prepare for retirement.
In addition, it can be helpful for a spouse to go over their retirement investments after their marriage has ended, to see if one’s goals for retirement are still being met.
One’s Social Security benefits should also be reviewed. That being said, according to some experts Social Security should not play a major role in one’s retirement funds, and it may be beneficial for a person to wait until they are 70-years-old or older to start collecting benefits. This is because at age 70, benefits cease to go up annually.
In the end, when a couple divorces, each spouse should keep their retirement in mind. Doing so can ensure that they have the resources they need to live comfortably once their working days are over.
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