Reaching retirement is something most people spend a good part of their lives carefully planning for, usually with a target date in mind. Whether it’s age 65, 70 or later, there is usually a magic number to “make it to.”
However, like many things in life, expectations sometimes meet reality and plans need to change.
Surprisingly, many Americans are finding themselves faced with the prospect of an early and unexpected retirement. In fact, workers continue to report an expected median retirement age of 65, while retirees report they retired at a median age of 62. Debilitating medical conditions and layoffs from work are two of the primary reasons why retirement might come earlier than planned. In the case of a medical issue, suddenly being faced with a health condition that will not allow you to effectively work full-time, or at all, can bring an abrupt end to a career. Also, as people get closer to retirement, the probability of a health issue arising increases given the aging process.
Layoffs have become an unfortunate but regular part of corporate America, and while anyone could be vulnerable, those closer to retirement might be particularly susceptible. More seasoned and experienced workers tend to come with higher salaries, which can make for easier cost-cutting. There are certainly possibilities for finding a new job, but that may take longer than anticipated. Also, it is not uncommon for those who are let go closer to retirement to struggle regaining employment at all.
For more follow this link:
https://money.usnews.com/money/blogs/the-smarter-mutual-fund-investor/articles/2017-09-22/how-to-prepare-for-an-early-and-unexpected-retirement
Retirement isn’t supposed to be stressful, but it can be if you don’t plan properly or the market goes awry. Beginning the retirement investment process at a young age often pays off in the long run. Additionally, mortgage, insurance and health care expenses can change unexpectedly, and it’s important to know how to adapt to those changes after leaving the workforce. U.S. News offers tips for pre- and post-retirement expenses and pitfalls.
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