Have you “retired” due to a layoff in your 50s or 60s? For some people that may be a perfectly fine age to retire. But it may feel too soon if you aren’t ready to end your career or don’t have enough savings to last for the rest of your life.
You’ll need a strategy to reenter the workforce after age 50 and financially survive the layoff until you can find a new job. It must be a sound strategy, because you might be out of work for a long time. You may face challenges, such as age discrimination and not being able to find a new position with the same pay or seniority. What’s more, the older you are, the more likely it is that your health isn’t what it once was, making jobs that require working long hours, traveling or enduring a long commute less desirable or even out of the question. All of these factors mean you may need to limit your job search in ways you didn’t have to when you were younger, even though you badly want to be reemployed.
If you find yourself in this distressing situation, be reassured that there are many ways you can take charge and give yourself an excellent shot at not letting this layoff decimate your finances or your long-term plans. Here are some strategies for making ends meet in the short term while preserving your future retirement plans and finding a new job.
Surviving Financially – For a Few Months or Longer
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Retirement
Laid Off? You Can Still Retire
Joblessness is temporary, but neglecting your retirement savings has permanent consequences. -
Small Business
How to Make a Layoff Less Painful
Getting laid off is never fun, but there are ways you can prepare yourself emotionally and financially to best manage a layoff. -
Retirement
5 Ways You Can Still Secure the Retirement You Want
If you are nearing retirement and don't think you have enough saved, there are ways to close the gap between what you have and what you'll need to retire. -
Retirement
Don't Retire Early - Change Careers Instead
Instead of longing for an early retirement, shoot for a mid-life career change instead. -
Retirement
Early Out: A Realistic Plan to Retire Younger
If you want to retire ahead of schedule, it'll take some extra planning. -
Retirement
How Much Money Is Enough to Retire?
Taking these three steps can help you figure out how much you'll need to save for retirement based on your individual needs and goals. -
Investing
Layoffs And The Stock Market
Layoffs may indicate a company's failings, but they can also lead to an increase in the company's stock price. -
Retirement
10 Signs You Are Not Financially OK to Retire
Carrying a lot of debt? Haven’t yet figured out a long-term financial plan? These are just two of the reasons you shouldn’t rush into retirement. -
Managing Wealth
Why Working to 70 and Older Makes Financial Sense
Retiring early is the goal for many, but waiting until 70 has its benefits. Not only will your finances get a boost but so will your mind.