There's a new retirement trend that's impacting more and more people. It's a sudden or forced retirement where people are unexpectedly thrust into retirement before they are ready for it.
If it hasn't happened to you, it's likely going to affect someone you know
According to the Employee Benefit Research Institute, 41% of retirees stopped working earlier than they expected. The most common reasons were:
•Poor health (54%)
•Corporate downsizing or closures (37%)
•Need to care for a spouse or family member (19%)
A forced retirement can add significant levels of stress and pressure, particularly for someone who is blinded by the situation. That's why the first thing I suggest "sudden retirees" focus on is the emotional aspects of the situation.
Don't just gloss over your thoughts and feelings because for many people, losing their job can be similar to the impact a divorce or even loss of a loved one can create. Instead, seek out people and resources who you can talk to about the situation and try to focus on the positives and not the negatives. The interesting part is, that no matter if your job loss was health or business related, I believe your best days can still be ahead if you are prepared to make the most out of the situation. Get started with these questions
•What are three things I've always wanted to do but wasn't able to because I was busy working?
•What's the best thing about this and what do I think I'll enjoy most about this new chapter?
•Have you ever thought about tuning a hobby or passion into a small or part-time business?
Today, more and more people are faced with the burdens as well as the opportunities that come with a sudden or unexpected retirement. Therefore, it's important that you are not only prepared for the financial aspects of retirement, but also the mental, social, and physical parts as well. That's why our first priority at Synergos Financial Group is education and information. We want to empower and support investors as we help them navigate their transition from work-life to home life.
If you're dealing with or concerned about a potential "Sudden Retirement" these questions are only the first step to a deeper and more meaningful transition. Solidify your retirement plan with our Retirement Priorities Quiz, feel plugged-in with our Free and Empowering Guides, & connected with our Retirement Wellness Newsletter.
Still have a question or want to share your feedback? Email me personally by clicking here or feel free to call at (888) 267-1138