Divorced in Retirement? 20 Ways to Maintain Your Financial Independence

10. Start a Roth IRA

Even if you have access to a 401k plan, funding a Roth IRA could make sense for your long-term financial plan. For starters, you don’t ever have to take required minimum distributions, unlike 401k and SEP-IRA plans, which require these RMDs beginning after you turn age 70.5. Additionally, your contributions and earnings grow tax-free, and you won’t have to pay tax when you ultimately take withdrawals.

If you don’t participate in a 401k plan, a Roth IRA might make even more sense, as it provides easy access to tax-advantaged savings. Learn how to find the best Roth IRA.