Chances are, you’ve thought about retirement over the years. Maybe, you’ve dreamed of retiring early. Unfortunately, for those who are faced with an unplanned early retirement, it may be a different story.
Lately, I’m actually seeing a good number of my clients entering into retirement earlier than they had planned, and for a number of reasons too. Whether or not they’ve done a great job saving for retirement, their employer let them go sooner than they anticipated. Others, who have dedicated their lives to their family business, lose their jobs when their business is sold.
Unfortunately, I’ve also seen healthcare concerns, or a dreadful medical diagnosis force them into early retirement. Difficult decisions must then be made.
Revisit and Adjust Your Plans
If you find yourself unintentionally or involuntarily retiring for whatever reason, it’s important to revisit and consider adjusting your plans. It’s especially important that you understand when your benefits end with your employer, and if you will have any gaps in your healthcare coverage.
You will also need to thoroughly examine your expenses and update your budget to make sure you have enough to live on in retirement. That is why we always harp on the importance of developing a retirement income plan to prepare yourself for a potentially long retirement, market volatility, inflation, and to make sure you’re claiming your Social Security at the right time. If you are facing these issues, we can help.
I host seminars on “Managing an Unplanned Retirement,” along with my colleague, Brad Colvin. Our next seminar is Wednesday, February 5, at 6 p.m., at the Shaler North Hills Library. This is open to anyone who is stepping away from full-time work, whether intentionally or unintentionally. We’ll talk in much greater detail about crucial decisions that need to be made, all of which could have a lasting impact on you and your spouse.