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Asset Allocation
Often financial "experts" make asset allocation difficult to understand. My goal in this series of articles is for you to understand asset allocation thoroughly, in an easy to understand format.Dividing Your 401k After A Divorce can be Tricky
401kdivorce.com
| Dividing Your 401k After A Divorce
Can Be Tricky
Divorce is never an easy thing. Even when you and your partner are in agreement and the split is friendly, there are many things to keep in mind - especially when it comes time to dividing your assets, including your retirement savings such as your 401k. Dividing your 401k because of your divorce can be even more challenging than you think. Your ex-spouse is entitled to claim part or all of the savings in your 401k when your divorce is settled. And, there is worse news because in most cases, when this happens, you will need to find a way to divide the amount in your 401k with your ex. In order to make the process of dividing the savings and investments in your 401k plan after your divorce as simple as possible, you will need to understand the restrictions of your plan. Usually, when you look into the 401k plan that you have, you'll find that there are already rules in place that will tell you how the account will be divided. And, when all is said and done, you may find that your financial future is not nearly as well planned for as you'd of thought. After your 401k has been divided in a divorce settlement, you need to take action to regain control of your financial planning. You need to know as much as you can about your savings and investments. You need to get a new action plan for saving for your retirement so that you will still be able to meet all of your financial obligations. And the best way to get on top of your investment strategy is to download our free retirement calculator. Though it may be difficult to come back from having a large portion of your retirement savings passed on to your ex-spouse after the divorce, it's not impossible. With our retirement calculator, you will be able to:
Once you've been able to see how the savings and investments that you still have will perform for you, you will be able to determine what changes you need to make to re-establish your financial security. And you'll be able to discuss the changes that have already happened to your savings and investments as well as those that you are thinking about making during a free consultation with a financial advisor. Get answers to the questions that you have about how you will continue to be affected by the division of your 401k because of your divorce. Get the advice that you need to create a new plan for your retirement and learn how to put that plan into action. Just because your marriage has come to an end and your 401k was divided as a part of the divorce settlement does not mean that you have to give up on the dreams you had for your retirement. By taking the time to understand your savings and investments and working with a financial advisor, getting your retirement back on track will be easier than you thought possible. See for yourself: Click the red button to download our free retirement calculator today. Learn what you can do to regain control of your financial planning. |
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Analysis of the Economics of Early Social Security Withdrawal
Robert J. Phillips
Chief Retirement Consultant
Deciding whether or not to take the early withdrawal of social security at age 62 can be difficult. If you need this income at 62 to fund your retirement the decision is fairly straightforward. Take it early! On the other hand, if you have another source of revenue to fund your retirement your decision will be primarily based on lifestyle, health and investment preferences.
Several factors can affect your decision. First is your life expectancy. If you are in good health and have a family history of living beyond 90 then waiting for full benefits may be best. Two other factors impact this decision. First and most important is the value of money or your expected return from your investments. If you are using other investments instead of social security to fund your retirement you should use the rate of return of these investments as your value of money. There is another way to look at the value of money. If you do not require the social security money to live, you can invest the distributions for the future. The rate of return of this investment is your value of money. If your investments will make larger returns such as stocks this would favor taking the early withdrawal.
The last factor impacting your decision is inflation. Social security includes an annual adjustment based on inflation. You cannot control this variable but you should be aware of its impact. If future inflation is significant it will favor a later full distribution
FREE Social Security Calculator:
Find Out Your Breakeven AgeWe developed a calculator to assist in analyzing the impact of taking early benefits at age 62 or waiting for full benefits at age 66 to 67 depending on the year you were born...If you were born in 1960 or later your full benefits will begin at age 67 and your reduction for early benefits at age 62 will be 30%. If you were born between 1946 and 1960 your full benefits begin as early as age 66. We have included a chart that summarizes information.
To use the calculator you need to input your year of birth. You also need to input a value of money up to 10% and a projected inflation adjustment. The calculator analyzes income generated over time from both the early and full benefit investments. It calculates the age at which full social security will catch up and breakeven with the early withdrawal. If you were born before 1960 your breakeven age will be impacted by the year you were born. An early breakeven age favors waiting for full benefits.
The social security calculator is not the final answer whether to take an early withdrawal but it does give you additional economic data to assist in that decision. Ultimately you must balance income, investments and lifestyle to optimize your enjoyment during your retirement years.
