In recent posts we have discussed the financial difficulties divorce can create for people. The specifics regarding why this is the case will vary from person to person but for older individuals it may be related to how they approach retirement. While planning ahead is of course always important, when someone who is divorcing has only a few years before reaching this point in life it is even more important to take steps to protect one’s financial future.
Taking control of your financial future is key. A good place to start is to make sure the individuals named as beneficiaries on retirement accounts, pension accounts and insurance policies, are an accurate reflection of your wishes. If your ex-spouse was previously named as beneficiary, it is likely you will want to change that. Along those same lines, the person named as power of attorney on estate planning documents should if necessary, also be updated.
Next, take another look at the financial plan you previously had in place. Depending upon your goals for retirement, changes to that plan may need to be made. This will likely entail looking that your debt and cash flow. This could be vital if you have a large amount of debt you are responsible for.
Depending on how many years you have until you plan to retire, there may be a way to increase your retirement funds by saving extra.
While a financial planner can be of assistance in creating and finding ways to stick to a budget, it is of course most important to start that next phase of life in the best possible financial situation. A lawyer can be of assistance in securing a fair financial settlement.