The national unemployment rate has reached more than 14% that translates to millions of people who have lost their jobs, and if you are in your late 50s or in your 60s, that could derail your retirement plans.
The folks at “The Motley Fool” have a few options if you lose your job.
The first takes planning and patience: holding out for another job.
Once businesses are able to safely reopen, those lost jobs will be ready to be filled.
IF you have an emergency fund, you might decide to live off of those savings until a new job comes open, that way you won’t have to dip into your retirement fund.
Not everyone has that option. You might have to retire now and and dip into your retirement fund.
If you’re at least 62, you can start claiming social security benefits. The checks will be smaller but it makes forced early retirement a little easier.
You can contact Linda Pritchett at (336) 292-3875 or visit her website here.