Rebuilding After a Divorce
March 17, 2016Planner: Michael via 1 on 1 Consultation
Problem: She got a late start on retirement savings due to being a stay at home mom & then going through a messy divorce. Needed to go from 0 to 100 real quick.
Suggested Action Steps: We discussed looking for expenses that could be reduced and getting serious about saving. I suggested making maxmimum 401k contributions, including catch up contributions while paying additional principal on her mortgage.
Results: Before our meeting she was only able to replace 20% of her income in retirement. With the changes implemented, we got that up to 55%. With additional savings, she could get to 80% in a few years.
Testimonial: “I went into the consultation with a focused list of questions and a tentative plan to help me reach my retirement goals. One day after the consultation, I implemented all of the plans discussed and feel more confident now about my ability to meet my retirement timeline.” – Pamela W.