FINANCE April Oliver, Ameriprise Financial Services, Inc.
A Return To Work & To Retirement Savings I t isn’t unusual in these times
for individuals to be temporarily out of the workforce. In some cases this is a voluntary act such as a maternity or paternity leave or planned early retirement. Challenging economic times and changing demographics have also made it more common for some to leave work because they have to, through a layoff, forced early
retirement or to deal with family care-giving issues.
Time away from work not only means a loss of current income, but also, in most cases, the suspension of contributions to a retirement plan. If there is no cash flow due to a time off, chances are that money is not available to continue funding your nest egg.
So if you are getting back into the workforce or intend to soon, you have an opportunity to look at your financial circumstances in a whole new light. Can you free up money for retirement savings once again? Here is a process to help you determine what is possible in your situation.
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