Rebuild your nest egg after divorce

You probably never want to think about divorce — but its a very real reality for some folks. If you’re putting time and effort to look at how life and finances will look once you join up with someone — its worth the same look if you are looking at splitting up.

Its grim — but its something that I wanted to get out there for some of you — and for your peeps. This talks specifically about a divorce, but I know that now a days there are many people who are together in domestic partnerships or living arrangements that may want to take a look at parting ways and the what makes those situations different.  So stay tuned!

Making the HR connection, yours, thegirlinhr

The secret: Forget the house, go for the pension.

Retirement plans often go by the wayside when your marital status changes.

Divorce or having a spouse die young saps income and assets, making it much harder to continue saving the same way you did as a married couple.

A recent survey by ING found that the average divorced person had $10,000 less in retirement savings than the average married person, even though the divorced respondents were typically five years older.

Women often find themselves especially pressed: Household income drops 41% for women after a divorce and 37% in widowhood, compared with under 25% in both cases for men, according to a report by the Government Accountability Office.

Although family changes put a lot of immediate worries on your plate, it’s crucial to keep one eye on your long-term plan.

via Rebuild your nest egg after divorce – Feb. 18, 2013.

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