Forced To Retire Early? 4 Steps To Secure Your Finances

Yaёl Bizouati-Kennedy   Wed, Jun 14, 2023,

While many workers look forward to the day they retire, others who are forced into early retirement — whether because of layoffs, health or other reasons — don’t have the same experience. Most important, they don’t have the same financial cushion to fall back on.

Increasing Iife expectancy and low levels of retirement planning might further complicate the matter.

While the sudden lack in income takes an obvious and enormous toll on these workers, experts outlined several steps to take in that case, which can help alleviate the financial stress and allow for a less arduous and more enjoyable retirement.

Take a Financial Inventory

The first step is to get a benchmark assessment of where your finances are and project what your income and expenses will be so you can put a plan in motion, said Bobbi Rebell, founder of Financial Wellness Strategies and author of “Launching Financial Grownups: Live Your Richest Life by Helping Your (Almost) Adult Kids Be Everyday Money Smart.”

“Don’t forget to calculate retirement savings along with savings and investments that may or may not be labeled as retirement vehicles,” Rebell added. “Note which funds you can access with and without paying taxes and penalties, depending on your age and any other relevant criteria.”

Work With a Financial Advisor To Re-Evaluate Your Retirement Planning

To continue reading, please go to the original article here:

https://finance.yahoo.com/news/forced-retire-early-4-steps-120046904.html