Divorce is difficult. Dividing assets and wealth throughout the process is often complicated and fraught with emotion. However, from a tax and financial perspective, planning opportunities exist when both parties are invested in everyone’s best interest. When we are dealing with situations of divorce, we use our expertise to make sure our clients understand that different assets have different tax liabilities, and we make sure they understand how certain assets of theirs will be taxed. In situations where there are significant assets, deciding who should get what can be a challenge, even in the most agreeable situations.
What is your greatest financial fear? For some people, it is outliving their retirement savings. Besides the inherent volatility of economic markets and concerns about the viability of Social Security in the future, you may not have been able to save enough to secure a comfortable retirement. As things stand now, you may be afraid you will face a retirement “gap.”
But all is not lost. First piece of advice: Don’t panic. Even if retirement is imminent, you may be able to make up lost ground quickly or take other steps to protect yourself. Next, here are several practical ideas to consider.
After fighting the rat race for years, many Americans dream of an early retirement. For instance, you might be contemplating such a move on your own, or perhaps your company is preparing to make you an early retirement offer. Whether or not you can afford to retire early, or really want to, may depend on the answers to the following questions.