How to build back retirement savings after a divorce

On Behalf of | Oct 11, 2021 | Uncategorized

After a Virginia divorce, your retirement big picture may look a whole lot different than it did when you were in a marriage. Divorce often has a significant impact on retirement accounts, and research shows that this is particularly true if you are female.

Per CNBC, there are several reasons women tend to worry more about retirement after a divorce than men. There are also certain efforts you may want to take to help build back your retirement savings in the wake of a split.

Why women often have less saved

Women often have less money socked away for retirement because they have historically earned far less than their male counterparts. Women are also more likely than men to stop working to raise children or tend to the household, and this, too, affects retirement funds.

What you might do to rebuild your retirement savings

Unless retirement is right around the corner, you may want to think about returning to the working world or trying to land a higher-paying job. Even a few years of work in a higher-paying job has the potential to build your retirement savings. You may try to grow your retirement funds by working with a financial professional and opening an investment account that helps your savings grow over time. You may also want to have a financial advisor review your current retirement accounts and adjust the level of risk associated with them.

The moves that might benefit you most when it comes to building back your retirement savings are going to depend to some degree on how far away retirement is for you.