What to Do After a Divorce: Retirement Savings and Family Considerations
Monday, 12 August 2024, 05:03
Facing Divorce at 46: A Personal Financial Journey
I am 46 years old and experiencing a divorce while raising two children. Following the divorce, my retirement savings will drop significantly from $280,000 in 401(k) funds to only $140,000.
Initial Concerns
- Feeling of starting over financially.
- Lack of home ownership.
- Need for effective financial planning.
Strategies for Moving Forward
- Assess current financial situation thoroughly.
- Explore potential child support options.
- Consult a financial advisor for long-term planning.
In this challenging phase, it’s crucial to prioritize financial stability and consider all available resources for a secure future.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.