Many people spend their whole careers preparing for retirement. But the best-laid plans can go awry if you get laid off or otherwise have to retire at an unexpected time.
In the following video, Dan Caplinger, The Motley Fool's director of investment planning, looks at the question of how to handle a forced-retirement situation. Dan offers a two-step process, where first you look at all the financial resources you have, and then you look at your expenses to try to match them up. Dan notes that it's important to consider things like pension benefits and Social Security, but don't make any snap decisions about taking those benefits until you know what your expenses are and what the consequences are of taking benefits right away. Ideally, the best decision will include cutting back on expenses, making the most of your savings and investments, and making a realistic decision about whether to seek new work.
How to get even more income during retirement
Social Security plays a key role in your financial security, but it's not the only way to boost your retirement income. In our brand-new free report, our retirement experts give their insight on a simple strategy to take advantage of a little-known IRS rule that can help ensure a more comfortable retirement for you and your family. Click here to get your copy today.
Have general questions about Social Security? Email them to SocialSecurity@fool.com, and they might be the subject of a future video!