We talk a lot about retirement planning: taking time out to think about your financial goals and planning out how to reach them. But in “Forced to retire? Here’s what to do” Marketwatch covers a scenario that you may not be able to anticipate: being forced into retirement before you are ready.
The article advises that you do not do anything rash like selling investments right after you hear the news that you must retire. This doesn’t mean that you do not need to examine your assets but rather that you shouldn’t just sell things off too fast before taking time to consider your financial situation:
“Before you sell stock, withdraw from your tax-advantaged retirement account or impulsively claim Social Security now rather than wait a few more years, formulate a comprehensive, long-term strategy. Review all your assets and liabilities in a clearheaded manner.”
This is advice for those who are healthy and who are not in financial straits. However, whether you have an adequate financial cushion or you know your money will run out soon, you should seek help. A Fee-Only financial planner can help you figure out what you need to do when you are forced into retirement before you were anticipating.
Some people will never experience the unexpected jolt of being forced into retirement but having plans in place and working on financial planning means you have a framework to change or adapt no matter what happens.
And while people who are forced into retirement have not planned for it, they can think on their feet instead of panicking. If what you are being offered to leave doesn’t seem enough, ask questions to see if there is more you can get from the organization that is forcing you to retire.