Divorce is hard on anyone at any point in life, as even some of us know from experience here at The Prosperity People. But if you stepped away from a career so that you could focus all your energy on your family or to help your spouse with their business, it can be especially hard to recover from a divorce if you are faced with the need to generate more income in order to maintain a suitable standard of living.
Whether you’re starting from scratch and looking to enter the workforce for the first time or looking to rekindle or rev up a career you’ve already started, it’s likely you’re needing to not only earn enough income to cover your expenses, but you also probably need to jumpstart retirement savings. Here are four factors to consider when looking at opportunities, particularly when you have a choice between multiple offers.
A generous retirement plan match
While you’re less likely to find a role that offers a pension unless you’re looking at the public sector, it is still possible to find companies that are willing to generously contribute to their employees’ retirement, as long as the employees are willing to do the same. Look for employers who tout their matching program as a key reason to work there.
While 6% may not sound like much, once you chip in your own 6%, that adds up to 12% and you may be surprised at how quickly that can build up if you start right off at that contribution rate.
Decent or unlimited PTO
These days, especially in the professional services sector, more and more companies are offering unlimited days off to compete with higher salaries they may not be able to pay. If you are in the thick of child-rearing, don’t overlook this benefit just because you don’t anticipate a bunch of vacations in the coming years.
In fact, unlimited PTO might be MORE valuable to you at this stage considering that it’s really more about flexibility and giving you the ability to take the day off when you don’t have childcare, to chaperone a field trip, visit college campuses or even just travel for an away sporting event. While you might not be scheduling multiple weeks to jet off to Thailand for vacation, knowing that you can take that random Thursday off in order to be Room Parent for your child’s Valentine’s Day party might actually be worth more to you right now.
Other benefits that might even carry over into retirement
You may not have placed a lot of value on benefits like disability, life insurance or long-term care coverage when you were younger, but later in life, being able to pick these coverages up through an employer-based group policy can be far more cost effective than buying these policies on your own. Plus, many long-term care policies purchased at work can typically be carried over into your name once you leave, which can help you lock in lower prices or in some cases, avoid under-writing.
Check to see also if you have access to any type of financial wellness benefit, particularly one that offers you unbiased one-on-one coaching. While these folks won’t provide the comprehensive financial and investment planning available through The Prosperity People, it can be a nice supplement, particularly if you need support with more day-to-day money challenges like paying off credit card debt or finding ways to budget for your new life.
While we can absolutely help you get started on efforts like that, a financial coach paid for through your job will be better equipped for more frequent meetings to hold you accountable to any changes that may be in order to keep you on track for your bigger goals like retirement or buying a home.
Career growth and educational opportunities
Depending on how long you’ve been out of the workforce, you may need some additional skill work to get back on track, or perhaps you’re entering a new area of work that interests you. Don’t discount employers who are willing to help fund your educational needs, either through tuition-reimbursement programs or through their own training programs as part of the job.
Even if you have to start out at a lower level or lower pay than you ideally need, if you can find a role that offers upskilling, that can pay dividends for years to come as you enter this new chapter of your life.
While finding the perfect job to get you on track financially for your new single life may not have you working in your field of passion, it can at least help you overcome some of the financial stress of divorce. Go easy on yourself as you re-enter the world of work and take it one day at a time with figuring out your finances going forward.
By seeking an employer that takes care of you holistically, even if the specific role isn’t the Best Job Ever to start, you can alleviate worry about paying your bills and redirect that energy to parts of your life that are more important for now, like being there for your kids, friends and hobbies.