The last thing someone going through divorce in Florida may be thinking about is their retirement. Most individuals are thinking about their current financial state and the financial state that will follow after the divorce is finalized. But financial professionals urge individuals to keep their retirement goals a top priority because retirement age may be coming sooner than you think.
What can an individual do to reassess their retirement plans after divorce? First, it’s important to make a budget – a realistic budget. While married, it is possible that two incomes were supporting one household. Now, all the household expenses will be supported by one income. This may mean adjusting your spending habits and putting together a realistic budget.
It’s also important to take a look at your retirement investments. While this is especially important to do once the divorce is finalized, you should start doing so even before you divorce. Similarly, take a look at your Social Security benefits. While these benefits will only be a small part of your retirement plan, it’s important to understand what benefits you will get and at what age to start receiving payments.
Finally, make sure you set up a team of professionals that can help you through the process. It’s important to work with your lawyer and a financial planner in order to understand your options. These professionals can help you understand your limitations and set new goals for your future. They can also explain how your current retirement funds may be split in a divorce.