The process of saving for one’s retirement years can get complicated. However, it becomes even more challenging during the divorce process. Fortunately, a couple of tips can help with preparing for the retirement process while going through divorce in Illinois.
Retirement savings tips
When a divorce is on the horizon consider increasing retirement contributions moving forward. This is important because divorce will likely partly deplete 401(k) or Individual Retirement Accounts. Adding just an additional $50 to retirement savings each month will result in an additional $600 in retirement savings per year. This can go a long way in rebuilding a depleted retirement savings account over the years, whether a person has 20 years or five years until retirement.
Multiple factors should ideally be considered during the process of saving for retirement. These include becoming aware of the value of one’s retirement assets, along with current expenses and income. Age and health are also important planning factors. Expected lifestyle post-divorce and post-retirement should also be part of the planning equation.
How an attorney can help
Even though the divorce process in Illinois can be a struggle financially, there is help and support readily available to minimize many of the monetary impacts of ending a marriage. For instance, an experienced attorney can assist in negotiating the division of assets, including retirement funds and debts. A lawyer can also help a client to pursue spousal support, depending on the circumstances surrounding the divorce. Securing appropriate legal assistance can increase the odds of achieving the best possible outcome, thus resulting in a client being better positioned for his or her financial future.