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Surviving the Loss of Job late in life or an Unplanned Early Retirement

Most people expect to work until their retirement age.  Or, at least, hope to have a choice in making the decision themselves that it is time for retirement, and that they can afford an earlier retirement.  But, more and more, people find themselves without a job at an age, 5, 6, 7, years before retirement, without a positive outlook in finding another one.

There are lots of reasons this can be happening to someone, none of which will ensure that if you do find another job, you will be set until retirement age.  Another discomforting fact is that you lost your job when you were supposed to be in the peak earning years, finalising a comfortable retirement.  It rarely happens that you will be able to earn as much if you do secure a new job until retirement age.

5 Ways to Help you cope with Unplanned Early Retirement and Late in Life Job Loss:

  1. Work Part-time or consider Consulting work: This way you might be able to continue working in the field you know.  You can also pursue new interests.
  2. Take that job with less status and a lower pay-grade: It will be difficult to find a job that will match the job you had before.  You cannot expect to start off, where you were let off, in terms of salary and benefits.  Adjusting your expectation can help a lot when you look at new options.
  3. Reduce your expenses: This could mean that you might need to sell your house, relocate and tighten your monthly expenses.
  4. Remember that you have Unemployment Benefits: There is no shame in using those benefits. You paid for it every working month and should use it, as such.  There might be other benefits that you could be eligible for, for instance, food stamps, disability benefits and more.  You can do a bit of research, to help you find all available help.
  5. Stay in contact with your professional work related networks: Staying in contact will ensure that you know of new possibilities for work opportunities.  Knowing people can bring more opportunities, and open new doors.

You also have the option of Social Security which will be your saviour against a poor, struggling, retirement.  Do your research to find the best way and age to get the best out of your Social Security benefits.