Laid Off Before You’re Ready To Retire?

by Suzanne Powell

If COVID-19 has impacted you and you’re closer to retirement than some, read through these tips to see what you can do to overcome the obstacles placed in front of you by the ongoing pandemic.

Check Your Savings

Check your savings account to see how much money you have. It’s a necessary exercise to ensure you have enough in your account to last your entire retirement. It would be best to verify you have more than you need. 2020 has shown you never know when you may face an emergency during your retirement.

Be proactive, don’t be surprised when your savings gets low. Find out if you have enough money to retire now! Will your savings last if you live into your 90’s? Take the time to look through your savings account properly. This way, you can avoid problems in the future.

Consider Freelance Options

Most people will try and find a job after they get laid off, but working isn’t an option for everyone. Consider looking into freelance or remote jobs you can do to create cash flow while looking for something more stable. This way, you can create a stream of income without relying on your savings to survive.

Remember, the internet provides multiple ways for you to turn your hobbies or skills into freelance opportunities. For example, you can take advantage of the “gig economy,” including food delivery, grocery delivery, or at home call center support jobs. If you feel you still have time before you retire and want to keep busy (and income coming in), check out the freelance world and see if you can make some money through it.

Look Into Businesses and Stock

Remember, you don’t need to work at a job to make money. Depending on your financial situation, you could either create a business or purchase stock to make some money before entering retirement. This way, you can work on the best schedule for your situation and look for ways to make money through these avenues.

Creating a business can be difficult, but it can be an excellent opportunity if you approach it correctly and know how to market. On the other hand, stocks can help you make money, but there are some associated risks, just like businesses. It comes down to deciding if either of those risks will be worth the potential rewards you could gain.

You may face some struggles if you get laid off right before you retire, but you can still try and make the most out of the situation. It comes down to assessing your current position and then looking for ways to overcome it. Let me know how I can help!

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