There can be many reasons as to why you are forced into an involuntarily early retirement. It could be a nice way to say that you have been fired. Your working position could have been actually eliminated or the company may have paid you to retire early, which is sometimes referred to as a buyout to an early retirement. Yet, the cause of your early retirement no longer matters. What matters is what you do next. Hopefully, these tips can help you:
First, of all, early retirement is a term that is used for a person who is forced to retire after the age of 55 and before the age of 65. Right now, statistics are showing 1 and 7 workers over the age of 55 are being forced into early retirement.
What can you do?
1. Work on your resume.
2. Consider if this may be the ideal time to change career paths.
3. Consult your local employment agencies. Many employment agencies have their own divisions that will work and cater to jobs that are geared toward older workers. If they do not, ask if they know of agencies in your area.
4. Consult your local Community Action and see if they have any openings for older workers.
5. Stop and consider if this is the perfect time for you to actually retire. Go over your finances and see if this is plausible.
6. As you are working on your finances and considering all your options, stop all of your unnecessary spending.
7. Consider if you want to take an early out on your Social Security. You can do this at the age of the age of 62.
8. You may also want to take an early out on any pensions or 401K’s you might have.
9. If you are still working and are at least 55 and ½ years of age, you might want to consider an in-service withdrawal of your 401K and rolling into an IRA.
An involuntarily retirement can be a scary time in a person’s life. Yet, it can be a challenging and a fulfilling time as well.