As you ask yourself if you are saving enough for retirement, you may find yourself wishing you could compare the numbers in your accounts to what your peers have saved. It would make it easier to see if you're on pace or not. There's one simple problem with doing...
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Division Of Pensions
How to split a pension in a divorce
Receiving payments from a pension plan is an effective way to ensure you have enough money to get through retirement. Splitting these payments in a divorce, however, could rob you of the hard-earned benefits if your agreement is not made appropriately. Do I have to...
How many workers get defined pension plans?
It used to be quite common for private sector workers to get defined pension plans that allowed them to retire and know that they were financially secure. After putting in enough years for the company, they knew that the company would take care of them after...
How does a QDRO affect your former husband’s pension?
While your husband worked, you devoted your life to raising your kids. While the children turned out great, you and your spouse grew apart. Now that you are divorced, you may want to receive a portion of your husband’s pension. If you do not have a qualified domestic...
Late divorces may not leave time to correct for mistakes
If you are thinking of getting divorced after you turn 50, you really have to think about your financial future. You cannot afford to make any mistakes. It's important to get it right the first time around, and you must explore all of your options. The problem,...
Equitable distribution alternatives to the Majauskas formula
When you navigate your way through a New York divorce, determining how you and your one-time partner plan to split your shared assets is one of the most important matters to address. Aside from your shared home, pension benefits you or your spouse earned over the...
Does getting remarried impact a divided pension?
Your spouse worked for 30 years to build up a pension, and you were married for 15 years of that employment. When you got divorced, you got a qualified domestic relations order (QDRO) saying that you got 50 percent of your spouse's pension for that 15 years. In total,...
Protecting a pension using a prenuptial or postnuptial agreement
If you are planning to get married in New York, you need to think about how you will protect every asset you bring into the marriage. Even if you believe the marriage could never end in divorce, it's still a good idea to have a plan in place to protect yourself should...
Consent required when changing retirement account beneficiary
Retirement accounts are some of the biggest benefits of employment. Many companies will do all they can to match the contributions of their employees into retirement accounts. Some will go above matching the contributions as a way of enticing candidates to accept job...
Explaining alternate payee of a qualified domestic relation order
Alternate payee is a term that has been used for quite a while now and it isn't going anywhere anytime soon. This term is used when discussing pensions and who can qualify to receive the benefits of your pension when it comes to a Qualified Domestic Relation Order...