Nearly 17 million people have become unemployed in the last month as a result of coronavirus-linked shutdowns and slowdowns. It’s a scenario that could be detrimental to anyone’s finances, especially if they’re nearing retirement.
Losing a job is always a stressful situation, especially during a health crisis, but it can be particularly devastating for individuals close to retirement. This demographic is more likely to suffer age discrimination when looking for a new position, they may still need health care coverage after being unexpectedly separated from their employer and they may still have years to go until they have saved enough for their retirement.
If the answer is yes, determine all sources of income, what health insurance will be used until Medicare kicks in, any major expenses coming up and how inflation may impact cash flow in the next five to 20 years. Also, what are the unexpected expenses that may arise, like a broken down car or a roof that needs to be replaced?
Analyze your money Now is the time to get financially organized, said Evan Beach, director of wealth advisory at Campbell Wealth Management. “Financial lives are scattered and it makes it hard to take stock of where you are,” he said. Individuals may want to consolidate banking and investment accounts, but if they’re happy having numerous accounts, they should use software that aggregates all their information so they can see the numbers in one place. Mint and Personal Capital are two examples.
Weigh severance options Some employers may offer a severance package, which is typically based on how long an employee has been with the company. Employees may be able to negotiate what the package offers, including bonuses or restricted stock awards as well as health insurance if it’s not covered.
Become a central banker and steal from others ... legally.
Move to a Caribbean island and chill
Short the stock market and double your retirement money...F*ck it, YOLO!!!!! $SPX $SPY $VIX
Sue. I'm serious. If they didn't lay off your whole office -- i.e., a restaurant -- get a lawyer and bluff them into a settlement.
retire early or try to find another job ASAP?
Not retire. You’re welcome.