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Question for the Money Doctors

Question submitted on Apr 8, 2012.

Question

I need some advice. Unfortunately I just got divorced after 20 yrs. 50% of my 401k is gone and now I am a bit concerned about my retirement. I am 48yrs old and need some guidance how to rebuild my finance for retirement in the later years. Can you help or guide me in the right direction?

Answer

You have taken the first step which is to recognize that some planning needs to be done.  You can do some legwork to be prepared for the first meeting and to take ownership of your retirement planning. A CPA with the PFS designation can help you through the process of planning for retirement. Visit www.findapfs.com to connect with a CPA/PFS in your area.

Step 1 - Summarize your assets (checking accounts, investments, etc.) and liabilities (credit card debts, mortgage, etc). This is your personal financial statement.

Step 2 - Prepare a detailed budget that starts with all sources of income (wages, interest, etc.) and then lists all expenses and allows for unexpected expenditures and some savings each month.

Good luck with your planning.


For additional information visit http://www.360financialliteracy.org/