How to Retool Your Retirement Plan After Divorce
When it comes to retirement, divorce can be disruptive at best and devastating at worst. This is especially true of divorce after age 50. Spouses are at risk of losing a significant amount of their retirement savings and may have relatively few years left to replenish their accounts.
Take the following steps to retool your retirement:
- Ensure you have a proper Qualified Domestic Relations Order.
- Understand your spousal benefits for Social Security.
- Create an inventory of investments and assets.
- Update your retirement plan.
- Start contributing to your own savings.
- Adjust your lifestyle as needed.
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