If you are like most pre-retirees, you have a basic plan for your retirement. You know when you want to apply for Social Security benefits, and you’ve got a date in mind on the calendar for your final day at work. But what would you do if you were forced to retire early due to a job loss, injury or illness? Would you be prepared financially if you were told by your doctors you must retire at age 62 instead of age 67 as planned? 

A forced early retirement is a sad reality for more than half of middle-aged Americans, and it often causes financial hardship. Most people who are forced out of work before they are ready can’t apply for Medicare because they’re not 65. They have little to no savings and out of desperation they choose to take early retirement benefits, locking in reduced monthly payments forever. As prices continue to rise, someone with a low fixed income who is unable to work may not be able to cover basic living expenses. 

At Alloy Wealth, we help clients prepare for the unexpected. If you were to come to us for retirement planning services your comprehensive plan will be designed with your timeline and goals in mind, but we’ll also help you create a contingency for early retirement. If you were forced to retire early you would need access to cash to pay monthly expenses and to cover healthcare costs. We’ll teach you how to free up money to put towards savings and investments. 

There are insurance policies that will protect you financially in the event you cannot work. We will explain them to you. Health is the number 1 reason people are forced to retire early. We’ll recommend long-term care insurance policies that will activate when and if you are unable to care for yourself. With a combination of a smart spending plan, building of an emergency fund, diversified investments, and the right insurance coverage you will be prepared for retirement – no matter when it happens. Contact Alloy Wealth at 800-689-3935 to schedule an appointment.