Created: May 6, 2021
Modified: November 11, 2022

Episode 44: Can You Retire If You Get Laid Off?

Thank you for joining us for episode 44 of our Money Wisdom Question Series, where we answer common financial and retirement investment questions. Today’s question is, “Can you retire if you get laid off?”

A lot of things are going on in corporate America right now. There are mergers happening, which often cause concerns about layoffs. Subsequently, early retirement packages are being offered and many of you don’t know if you should accept an early retirement offer. You may even have a friend, spouse or partner who has this same concern.

Who Should Consider an Early Retirement Offer

  • If your company is making changes that you think may lead to layoffs
  • You know you will be laid off and you want to prepare ahead of time
  • You were already laid off and want to know if you can afford stay retired

If any of the above situations apply to you, I think it’s important for you to get an income analysis projection. suggest you get it done by a certified financial planner who is a fiduciary. At least get it from a fiduciary firm that has certified financial planners working for it.

What an Income Analysis Will Tell You

This projection will help determine whether you need to go back to work, or if you can afford to retire early. It does this by showing you what kind of income you’ll have if you never work again. Retirement income can include money from investments, retirement accounts, pension money and Social Security. It may also include Social Security from your spouse/domestic partner, if you’re eligible to receive it.

This analysis will calculate all your potential income. Then, it will show you (based on what your needs are) what your income would be and whether or not there is a shortfall. It even takes inflation into account.

What Will Your Desired Retirement Lifestyle Cost You?

The income analysis has the ability to project way out into the future, over your lifetime. This can help you decide whether the income that you’re going to have coming in (based on some assumptions) is going to be enough for you to live the life you want in retirement.

Thanks for joining me and I hope you found this information helpful!

P.S. If you enjoyed this topic and want to learn more, download your copy of our offer, “10 Step Layoff Survival Guide”.

P.P.S. Feel free to submit questions here for a chance to have them answered!

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