{"id":36965,"date":"2024-01-23T15:20:06","date_gmt":"2024-01-23T20:20:06","guid":{"rendered":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/?p=36965"},"modified":"2024-01-23T15:20:06","modified_gmt":"2024-01-23T20:20:06","slug":"business-report-how-would-you-handle-forced-early-retirement","status":"publish","type":"post","link":"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2024\/01\/business-report-how-would-you-handle-forced-early-retirement\/","title":{"rendered":"Business Report: How would you handle forced early retirement?"},"content":{"rendered":"<figure id=\"attachment_30938\" aria-describedby=\"caption-attachment-30938\" style=\"width: 200px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-30938\" src=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2018\/06\/ed-jones-col-meghan-murray-c-200x300.jpg\" alt=\"\" width=\"200\" height=\"300\" srcset=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2018\/06\/ed-jones-col-meghan-murray-c-200x300.jpg 200w, https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/wp-content\/uploads\/sites\/109\/2018\/06\/ed-jones-col-meghan-murray-c.jpg 432w\" sizes=\"(max-width: 200px) 100vw, 200px\" \/><figcaption id=\"caption-attachment-30938\" class=\"wp-caption-text\">Meghan Murray, financial advisor, Edward Jones Financial in Queensbury.<\/figcaption><\/figure>\n<p>Provided by Meghan Murray, CRPC\u00ae<\/p>\n<p>When you plan to retire at a certain age, you can follow a strategy that incorporates your investment moves, your health insurance and other factors. But what happens if you\u2019re forced to retire earlier than you anticipated?<\/p>\n<p>Unfortunately, this situation is not that uncommon. About 40% of Americans say they have been forced into retirement, according to a recent survey from Edward Jones and Morning Consult, a research firm. If this were to happen to you because of a layoff, company downsizing or a health issue, would you be prepared to maintain your lifestyle today \u2014 and in the future?<\/p>\n<p>Everyone\u2019s situation is different. If your forced retirement happened only a short time before you actually expected to retire, you might not need to take any steps at all. But if it was a matter of a year or more, you may need to look into the following areas:<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>\u2022 Cash flow \u2013 Obviously, a sudden, unexpected loss of employment will affect your cash flow. And if yours was the only source of income for your household, the situation could be especially concerning. Still, you may well have options that can help. You might find a part-time job, for one thing \u2014 many employers hire seniors for various types of service-oriented work. And if you\u2019ve built an emergency fund containing several months\u2019 worth of living expenses, now might be the time to tap into it. You also might need to start withdrawing funds from your IRA and 401(k), though, ideally, you\u2019d like to delay this move as long as possible, as these withdrawals may be taxable.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>\u2022 Health insurance \u2013 Health insurance can be a major concern if you face an unexpectedly early retirement. Once you\u2019re 65, you\u2019ll be eligible for Medicare, but what if you haven\u2019t reached that age? Through the COBRA legislation, you might be able to remain on your employer-based health insurance for a while \u2014 typically 18 months after your job ends. However, COBRA is expensive: If you\u2019re qualified, you might have to pay the entire premium for coverage, up to 102% of the cost of the plan, according to the U.S. Department of Labor. If you\u2019re married, you might be able to get on your spouse\u2019s health insurance, but if this option isn\u2019t available, you could explore a Marketplace plan by visiting the healthcare.gov website.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>\u2022 Social Security \u2013 A forced early retirement could affect your decision on when to start taking Social Security. You\u2019re eligible to begin collecting payments at 62, but your checks will be considerably bigger if you wait until your full retirement age, which is likely between 66 and 67, depending on when you were born. If your sudden retirement puts you in a real cash crunch, you might have to start taking payments regardless of your age, but if you have enough in savings, or your spouse\u2019s income is enough to keep you afloat, you may want to wait as long as possible so you can get the larger checks. Of course, if your retirement comes while you\u2019re still several years away from Social Security eligibility, you won\u2019t have to make this now-or-later decision right away.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>Being forced to retire before you planned can certainly be challenging. But by looking at the options available to you, in terms of finances and health insurance, you may well find choices that can help you minimize the disruption to your life.<\/p>\n<p><i>This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.<\/i><\/p>\n<p><i>Edward Jones, Member SIPC<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Provided by Meghan Murray, CRPC\u00ae When you plan to retire at a certain age, you can follow a strategy that incorporates your investment moves, your health insurance and other factors. But what happens if you\u2019re forced to retire earlier than you anticipated? Unfortunately, this situation is not that uncommon. About 40% of Americans say they [&hellip;]<\/p>\n","protected":false},"author":89,"featured_media":30938,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Business Report: How would you handle forced early retirement? - Glens Falls Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.glensfalls.com\/glensfallsbusinessjournal\/2024\/01\/business-report-how-would-you-handle-forced-early-retirement\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Business Report: How would you handle forced early retirement? - Glens Falls Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"Provided by Meghan Murray, CRPC\u00ae When you plan to retire at a certain age, you can follow a strategy that incorporates your investment moves, your health insurance and other factors. 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