How much money have you lost in your lifetime based on financial illiteracy? If you had to assign a dollar figure to the decisions made from lack of knowledge, would it be more or less than $30,000?
According to an article published by the National Financial Educators Council there was a online survey conducted in March of 2017 where they asked over 3,000 people about decisions they’ve made relative to the value of personal finance education and the education they receive in high school. Of those surveyed, 33% of people have felt that they have lost at least $15,000 in their lifetime. Similarly, 25% of people believe that they have lost at least $30,000 in their lifetime due to lack of financial knowledge.
The noticeable trend was that as people get older they feel they lose more money due to lack of financial literacy. Mostly attributable to the increase in income as we age.
So, we ask again, how much money have you lost? If you feel that you are missing out on the personal financial knowledge you need to provide today, contact us. We’re here to help!
Divorce can be a difficult time. The impact on finances can be significant. One question we are asked with regards to divorce is, “what happens to my retirement accounts?” It’s a great question because retirement accounts are frequently affected through the division of assets in a divorce.
When you divorce you will most likely be required to share your retirement assets. Even if one party receives all the retirement assets, it’s important to understand what’s involved. There are differences between a “transfer incident to divorce” and a “Qualified Domestic Relations Order” and how they work. Also, not clearly delineating how the retirement funds will be divided into their proper categories can create a headache for all parties down the road. It is also important to make sure you update your beneficiaries at the time the divorce is finalized.
The end result is that the division of retirement funds in divorce can be an easy process if done properly, but there are many intricacies that need to be tended to. It is important to make sure you have the right information to protect your assets. That’s where we can help!
If you would like to know more about your retirement and divorce, contact our team today.
Hard work is at the core of everything we do. We pride ourselves on our dedication to service and strive everyday to embody the motto of our founders’ alma mater Virginia Tech, “Ut Prosim” – That I may serve.