You had it all planned. In just a few years, you’d be retiring at the exact moment of your choosing. Then you got the big news. When you’re forced to retire, can it go just as well as before?
After the initial shock of going home prematurely, you need to get moving with plan B. You weren’t ready to retire but you’re going to do so with all things considered.
First, determine your actual monthly expenses. Next, what will be your new income? Does your spouse work or are they retired too? Should you start drawing upon your social security benefits? If you’ve not reached full retirement age when you begin receiving payments, you’ll have less each month. Also, you should inquire about unemployment insurance. You may be eligible.
Second, you’ll need to keep up your health insurance. Do you qualify for Medicaid or Medicare? If neither of these will work, check out the low-cost plans offered due to the Affordable Care Act. There are also private-pay plans through Christian organizations in which families unite to help pay medical bills.
Third, assess whether or not you need to get a part-time job. Finding employment when we’re over 55 is not an easy task. And most positions will not pay as much as our previous employment. However, if greater income is needed, a new job may be necessary. Attempt to find at least a part-time job in your career field. This will help with the pain of your forced retirement and lessen the need to learn new skills.
And if you prefer to stay out of the market, try scaling back your original plans. You may need to travel less and put off major purchases.