When you plan to retire at a certain age, you can follow a strategy that incorporates your investment moves, your health insurance and other factors. But what happens if you’re forced to retire earlier than you anticipated?
Unfortunately, this situation is not that uncommon. About 40% of Americans say they have been forced into retirement, according to a recent survey from Edward Jones and Morning Consult, a research firm. If this were to happen to you because of a layoff, company downsizing or a health issue, would you be prepared to maintain your lifestyle today — and in the future?
Everyone’s situation is different. If your forced retirement happened only a short time before you actually expected to retire, you might not need to take any steps at all. But if it was a matter of a year or more, you may need to look into the following areas:
