I'm 52 and recently separated with only $60K in a 401(k) and no other savings. What can I do to secure my retirement?
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.
Aside from the emotional toll, separation or divorce can bring plenty of money problems — and, as is the case with any major life event, failing to take into account the monetary issues can leave people in dire financial straits.
According to Forbes, the median cost of divorce in the U.S. is $7,000 — however, the average is $15,000 to $20,000, indicating that a small number of far pricier, contested divorces are skewing the numbers.
Must Read
-
Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how
-
Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and 3 simple steps to fix it ASAP
-
Approaching retirement with no savings? Don’t panic, you're not alone. Here are 6 easy ways you can catch up (and fast)
For someone in their early 50s with minimal savings, ensuring a happy, financially secure retirement may already seem like a pipe dream, even without the additional strain of a divorce into the mix. Luckily, not all hope is lost.
Here's what to do if you've had a major life change with retirement on the horizon.
Reevaluate your fixed expenses
A survey from investing firm Schroders showed that 46% of Americans who participate in a workplace retirement plan expect to have less than $500,000 saved by the time they retire. One the other hand, these same participants believe it takes $1.2 million to retire comfortably.
Often when people panic about their retirement savings, they start looking for little ways they can make cuts to their monthly expenses.
One of the best ways to downsize your fixed expenses is by shopping around for a better rate on your home and car insurance.
OfficialHomeInsurance.com takes the hassle out of insurance shopping.
In just under 2 minutes, you can explore competitive rates from top insurance providers and save an average of $482 per year on your plan.
With OfficialCarInsurance, you can also ensure that you’re cutting your car insurance costs down to size, and keeping them within the scope of your fixed income.
Getting started with a quote is easy: When you enter your age, your home state, the type of vehicle you drive and your driving record, OfficialCarInsurance will sort through the leading insurance companies in your area, and give you the best deals from top providers like Progressive, Allstate and GEICO.
The process is 100% free and won't affect your credit score — guaranteed.
Content Original Link:
" target="_blank">
