I just got divorced and can't focus on my retirement
We can only imagine what a stressful period you just went through and how different your financial picture now looks.
However, it is more important than ever to focus on saving for retirement to make up for what may have been lost in the divorce. Remember that you will now be on your own to live on your savings for 20 to 30 years in retirement.
Use your retirement account to replenish your savings
Try to maximize the benefits of your retirement accounts by contributing the most money you can. This way, you'll have more dollars to live off of during retirement.
The more money you can save under special tax treatment now, the more you should have at retirement. This is especially true if you participate in a 401(k) plan where your employer matches your contributions. Additionally, if you are over age 50, you can accelerate the amount of your contributions to ‘catch-up’ to your retirement goals.
As you look to re-establish financial stability in the wake of your divorce, we encourage you to start taking steps to plan for your financial security during your retirement years. Make a budget and start to plan out how much you can save for retirement.
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