You spend decades of your life working toward the goal of retiring someday.
Suddenly, your time to save is over.
Now you have to make less money last even longer than youd imagined.
10 Steps to Take When Youre Forced to Retire Early
1.
7 Ways to Make Money if You Hate People
Do you avoid people too?
Enough small talk.Here are some waysto earn extra cash, without all of the social stuff.
However, this is an expensive option.
Thefederal health insurance marketplaceoffers a variety of plans at differing levels of coverage and cost.
Its worthwhile to shop there.
Depending on your income, you may qualify for a subsidy to help pay for your insurance.
Did you know?
Keep in mind that some states may require you to still look for work.
Unemployment benefits arent going to be much help in the long run.
You may need less if youvepaid off your mortgageand have no other debt.
Or you may need significantly more if you have major health expenses or children who still live at home.
Before you make any big decisions about your money, create aretirement budgetthat accounts for your new lifestyle.
But you also cant affordnotto take some risk.
You need your money to earn income so you dont eat away at the principal.
Note that this rule doesnt apply to 401(k)s you have with past employers.
You may also want to discuss whether toroll over your 401(k)into an IRA.
There are some circumstances when claiming your benefits earlier does make sense.
They should review their budget and their emergency reserves.
Earning extra money will pay off big time if it helps you delay Social Security.
If you dont want to leave your home, renting out a room or getting areverse mortgagecould be options.
Find Something You Truly Enjoy
Retirement doesnt just change your finances.
Its a complete change of lifestyle.
The first question one usually asks someone they meet is, What do you do?
Retirement can be isolating.
You no longer have daily interactions with co-workers and clients.
Plus, it leaves you with way more time on your hands.
Its essential that you find hobbies and ways to stay connected with others.
Robin Hartill is a certified financial planner and a senior editor at The Penny Hoarder.
She writes the Dear Penny personal finance advice column.
Send your tricky money questions to[email protected].
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
