Today’s Hack
We’re having a tough conversation this week about divorce. While divorcing is difficult at any age, when it happens in or near retirement there is extra financial difficulty we need to consider.
We often see an emotional attachment to the house. There is a misnomer that the house is the biggest financial asset. But that’s not always the case. While housing values grow, there is always a cost to maintain a home. There are various other factors that need to be considered thoughtfully during a divorce.
If you’re going through a divorce you need to have multiple people on your team, not just an attorney. Working with a financial advisor can give you elevated knowledge and advice while navigating this difficult time in life.
Join us on today’s episode as we break down these major topics:
- Why is working with a financial advisor essential during a divorce? [6:10]
- You don’t want to ignore the tax implications of breaking up retirement accounts. [7:04]
- Rolling a spouse’s retirement account into a new IRA immediately after divorce. [9:33]
- How divorce can impact Social Security payments. [15:56]
A Quotable Moment:
“I understand it’s an emotional decision but try not to make decisions based on that emotion. Work with a professional to get a second opinion…”
-Phil Putney