When investing for retirement or financing another long-range goal there will be good times, and pullbacks. The good thing is that over the course of the history of the stock market- there has never been a time whereby the markets didn’t reach new highs.

If you experience a roadblock on your retirement investment journey – there are steps that you can take to get back on track. For example – if you are faced with a divorce – evaluate the financial fallout from the separation and then begin your planning. 

In divorce, assets should be equitably distributed. Be prepared to split assets and marital debt. Perhaps you’ll continue paying income to the other spouse. Or you may receive spousal support or settlement assets. Once you understand the bottom-line effect of the split – work with your CFP pro to continue your plan under new circumstances.

Losing your job can be another setback. In the long run – it may be a good thing. Immediately do what I call a ‘financial triage’. That means taking stock of all liquid assets that could be used to support a bare-bones lifestyle. With a clear picture of your finances – you’re free to get to work, getting back to work. Stay away from your retirement accounts to pay for basics unless it’s your absolute last resort.

Many workers are tasked with not only caring for their aging parents… but paying for it as well. The result can be not just lost wages, but lower future Social Security benefits and less contributed to your own retirement plan. Research any potential programs that helps cover costs. If Mom can’t qualify for assistance, meet with siblings and determine exactly what Mom can pay for, and split the difference. 

It’s inevitable that you’ll have some setbacks along the way to funding your retirement. Take one thing at a time, your CFP pro can help.