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Will a divorce impact your plans for retirement?

Most people who are getting ready to go through a divorce in Maryland have numerous concerns. Chief among the concerns are likely to be those issues that will have an immediate impact on life, such as child custody, child support, alimony and property division. However, it never hurts to think long-term. For example, how will a divorce impact your plans for retirement?

A recent news article discussed this issue and noted that, among the primary impacts of a divorce on retirement, plans may need to be pushed back. How long? Well, that depends, as every divorce is different, as are the retirement accounts and other assets that will be involved in each case. But, as the recent article noted, a divorce can set people back, in financial terms, so it may take longer to save the required amount of funds for retirement that you set as a goal.

Not only that, but a newly-single person may not be able to save quite as much for retirement as a married couple. As a result, the ability to transfer money to a retirement account may be limited in the months and years following a divorce, thereby slowing down the overall savings process.

The financial impact of a divorce should not be taken lightly, although the impact is different in any given divorce case. However, as the recent news article noted, those who are planning to go through a divorce, or even those in the middle of a divorce case, can benefit from analyzing the exact impact, as much as possible, on their own unique financial situation post-divorce.