People may feel nervous when they are forced into retirement, but the truth is it’s coming for all of us. Whether it’s due to health problems, downsizing, or changes in the skills required for a job, over 40% of retirees report leaving the workforce earlier than they expect.
The Care Assistance Center has seen many cases of people who don’t feel ready to retire. We help families all over the Triangle preserve their assets by handling complex family and personal situations, so you can enjoy life more. While early retirement is a complicated and scary situation, it is common and there are ways to prepare for it.
5 ways to survive being forced into early retirement are:
- Reevaluate the budget. Many of us have been saving for retirement our whole lives, but it still doesn’t feel like enough. As we move into retirement, it is important to reevaluate spending and change habits for retirement in order to preserve assets.
- Search for part-time work. The thought of what to do with all of the free time can be overwhelming for many retirees. Due to that reason, consider taking a part-time job. Part-time jobs get you outside of the house on a regular basis and interacting with individuals.
- Don’t forget about workforce benefits. Depending on the reason you are retiring, there are a lot of options available. Some of those options include unemployment if it was a layoff or disability depending on the need.
- Downsize. Selling a home is a big step for many people. Truthfully, many retirees use less space as they continue to age. Downsizing early not only give retires money earlier but saves them from years of inflated expenses that come with having a larger house.
- Consult a Financial Advisor. There are many areas that need to be covered, including retirees re-evaluating their investments. Ensure they are conservative enough for their newfound status, and in many cases completely out of risk-based investments.
Retiring early isn’t necessarily a good or bad thing, but it is starting to occur more frequently. You can certainly get through it if you approach the situation correctly. If any questions or concerns arise, contact us today. Our team will build you a better plan for peace of mind.