Coping With an Unexpected or Forced Retirement
For some, it begins with a conversation with a boss who seems unusually cheerful as he or she highlights the benefits of leaving the company now. For others, it’s the culmination of months or years of fighting to be seen as relevant. No matter how it happens, though, a sudden or forced retirement can upend your life. You may feel depressed or anxious as you contemplate your financial future. And the sudden change can be a significant blow to your self-esteem. Here’s how to get through it.
Get Expert Advice
People facing an unexpected retirement often spend weeks or months in denial. Don’t do that to yourself. Expert advice now can have long-lasting effects, possibly for the rest of your life. In some cases, your company might not legally be allowed to force you to retire. You’ll also need advice on how the change could affect your retirement fund, and whether you should draw from Social Security now, or wait till later. Schedule an appointment with an attorney and a financial advisor now.
Claim Your Benefits Now
The political uncertainty surrounding Social Security means many retirees don’t think much about it. But Social Security can bring in $1,000 or more dollars a month, depending on your specific benefits. So it’s worth your time to look into whether you need to claim it now, or wait a few years to get greater benefits.
One thing’s for sure: there’s no benefit to waiting to apply for Medicare. Late enrolment can mean costly penalties that you’ll be stuck paying for the rest of the time you spend on Medicare. Ensure you enrol the year you turn 65.