You’ve been watching me for quite some time now on Better Money Boston and we are just in interesting times. I wanted to put out a couple special messages and help in any possible way I can.

If you or somebody you know is in a tough situation where they must make some quick decisions, I want to help.

The Current Economy:

Let’s talk a little bit about what’s going on in the economy. Many employers have had to either lay people off, forced them to work from home, or even though they haven’t laid anybody off, people are very nervous about possibly getting laid off from their company. Maybe that’s you. Whether it’s big or small companies everybody is going to feel this economic crunch for some time to come.

The Importance of 90 Days:

The most important thing I would say to you as a worker, whether you’re still working, temporarily furloughed, or maybe you’ve been laid off permanently, is be very careful of the decisions you make in the first 90 days. It’s really important once an event happens that in the first 90 days you think very methodically about the decisions you’re going to make. Try not to act on emotion. I know that’s easy for me to say because I’m not in that position but believe me we have many clients that have been in that position.

Assess Your Situation:

If you’re being forced to retire, maybe there’s an early retirement package. Assess your situation and get a second opinion to do that. Talk to somebody that understands money to help you do that. If you have a financial advisor and you feel like they’re competent, reach out to them and assess that situation.

Create a Scorecard:

Create a scorecard of exactly where you’re at. Ask yourself:

• Do you have emergency money?
• Do you have to touch your 401(k)?

Your 401(k) should be the sacred piece of your assets that you do not touch at all costs unless it’s the only option you have. Many people shouldn’t have to do that though. There are other options that an expert can help you explore.

My Book Forced to Retire:

There’s a book for times just like this that I wrote. No one expected the Coronavirus to come, but a few years back I wrote this book called Forced to Retire. I wrote it because so many people in the New England region were getting these early retirement offers. They didn’t know whether to take them or not.

Why You Should Read Forced to Retire:

The book goes over the things that you need to know if you’re in this position. If you feel like you are forced to make a decision, if it’s being forced upon you, you’ve got to get a copy of this book and know what your options are. It’s absolutely free to you.