Episode 44: Can You Retire If You Get Laid Off?
Have your question answered on the Money Wisdom Question Series!
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!
Information presented here is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.
Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.
Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
The guarantees provided by any type of insurance contract are based on the claims-paying ability of the insurance company.
Related Resources
-
I’m Turning 65, Why Do I Need to Stop My HSA Contributions?
If you’re nearing your mid-60s and actively contribute to a health savings account (HSA), you’ve likely used it to cover qualified medical costs. However, as you get closer to enrolling in Medicar… -
How Can I Enjoy My Retirement Savings Without Fear of Overspending?
The fear of running out of money keeps many retirees from truly enjoying their hard-earned savings without worry. After decades of nurturing your nest egg, the thought of seeing your progress slip… -
Do I Need Life Insurance in Retirement?
Around 52% of Americans own some type of life insurance policy. But once you retire, some of your biggest financial obligations may be behind you. When you reach this point, you may wonder whether… -
How Will Social Security Be Funded in the Future?
Without congressional action, current projections indicate Social Security will pay only 78% of benefits starting in late 2032. This funding gap highlights our growing disparity between workers pa… -
Podcast Episode 467: 7 Milestone Ages for Retirement Planning
Prefer to watch? Click here to watch and listen on YouTube. Retirement planning comes with a surprising number of age-based rules and opportunities. Knowing what changes at each stage can help… -
Key Retirement Milestones by Age
In This Article… Preparing for retirement isn’t just about choosing when to stop working. You must also recognize the key age-based milestones that can shape your financial future along the w… -
How Should I Withdraw From My 401(k) Before I’m Forced To?
When turning your investments into retirement income, it’s important to consider the impact of taxes. Once required minimum distributions (RMDs) begin, you’ll generally have to withdraw money from… -
I’m 10 Years Away from Retirement – What Should I Be Doing?
If you’re about 10 years from retirement, now is the time to start building a plan for the life you want to live. Think about how you want to spend your time in retirement and the lifestyle you en… -
Podcast Episode 464: How Long Will My Investments Last in Retirement?
Prefer to watch? Click here to watch and listen on YouTube. One of the biggest concerns people have as they approach retirement is whether their money will be enough to support them. In additio… -
What’s the Difference Between a Roth IRA and a Traditional IRA?
An individual retirement arrangement (IRA) is a powerful investment vehicle. These accounts help you save for retirement on your own, without an employer. But the tax benefits vary significantly d…
-
Richard S.Richard S. is a client of Johnson Brunetti and received no compensation for his statement.
“We have been extremely happy with our advisor and the services offered. We previously had accounts with another advisor. We had no issues, but chose to consolidate everything with Johnson Brunetti. We made a great decision with that.”
Testimonials received in response to Johnson Brunetti survey conducted in 2024 and in 2026. Please click each respective year for a description of the respective survey and a summary of the survey results.
-
John & Laura U.John & Laura U. are clients of Johnson Brunetti and received no compensation for their statement.
-
Joe D.Joe D. is a client of Johnson Brunetti and received no compensation for his statement.
“Your model is working well, continue to keep your focus on your clients. The podcasts are an effective way of communicating information and real life stories. Your business is supporting your clients’ many different real life stories.”
Testimonials received in response to Johnson Brunetti survey conducted in 2024 and in 2026. Please click each respective year for a description of the respective survey and a summary of the survey results.
-
Jackie L.Jackie L. is a client of Johnson Brunetti and received no compensation for her statement.
“I love how everyone in the company makes us feel. Like we are one big happy family. I wouldn’t change anything!”
Testimonials received in response to Johnson Brunetti survey conducted in 2024 and in 2026. Please click each respective year for a description of the respective survey and a summary of the survey results.
-
Donald & Donna K.Donald & Donna K. are clients of Johnson Brunetti and received no compensation for their statement.
“It’s been one of the best things my wife and I have ever done. The clarity, support, and professionalism have made a real difference for us.”
Testimonials received in response to Johnson Brunetti survey conducted in 2024 and in 2026. Please click each respective year for a description of the respective survey and a summary of the survey results.
-
Annette L.Annette L. is a client of Johnson Brunetti and received no compensation for her statement.
