I cannot imagine a worse nightmare. Being laid off and over 50Â no pension no retirement savings! There are not many viable alternatives for someone in this situation. Obviously the first thing they need to do is find another job. Aside from finding another job, they need to also really think about what they will do later in life. How will they afford to live? Where will they live and how will they pay for groceries etc. There are so many questions, but the bottom line is life will be difficult unless they find a solution to their problems.
Over 50Â no pension no retirement savings
The following are a list of steps that can be considered to minimize the impact during retirement. Even by taking these actions and working hard at them, life will still be difficult. Here are the ideas we have for someone in this situation:
- Become an extreme saver
- Embrace forced savings
- Plan to work well into your 60’s or even 70’s
- Develop plans to move in with family
- Minimize your costs in every area of your life
- Take advantage of all government programs
- Invest your savings carefully – diversely, high quality blue chips
- Avoid get rich quick schemes
- Work with an investment / savings advisor
- Investigate your payout
If you were laid off every consumer should verify that they are receiving their full entitlement. What about locked in pension money? Separation bonuses and other benefits should be considered. It may be worth while to talk to a lawyer who specializes in these situations. They can quickly advise you regarding your entitlements from your previous employer. Did they pay you enough when they laid you off?
Many people are amazed when they find out that they were not paid enough. This could be a windfall that needs to be invested carefully and saved for your retirement life.