5 Easy Retirement Solutions For the Recently Laid Off

2010/04/01 |66 views|0

5 Easy Retirement Solutions For the Recently Laid Off

You thought it may never happen to you. But here you are with a pink slip and you didn't have a hint that it was coming. Will you retire or look for another job? Let's look at 5 solutions:

1. If you are 55 and older and have been at your job for 5 years or more, you can rollover that 401K into an IRA and take a monthly distribution. That distribution might help you ease into early retirement until you can tap even more money at age 59 ½.

2. If that's not enough to retire on then you can take a part-time job or do some consulting work for your former employer to supplement that distribution until you reach age 59 ½.

3. If you have crunched the numbers and there is no way option 1 or 2 will be able to support you then it is time to polish the resume. If you are going after a full time job, then don't bother taking a distribution from your IRA, you will need that money to grow more so you have a cushion to draw on when you decide to quit working.

4. Many people have used this opportunity for a personal sabbatical with an eye towards things you might consider doing if you did retire.

Related Coverage

Millions of Workers Laid Off Due to Recession - Need Solutions?

If you are one of the millions of workers laid off during this bear of a recession you don't need anyone to tell you how depressing the current job market is. You're living it! Want a real solution?

Laid Off? How to Face Your Friends When Laid Off

Being laid off hurts. It means having to encounter many aspects and moments of a new life that are not easy. Such a moment may be facing your friends. Meeting your friends right after you've lost your job can be like being in a room full of people who think you have the plague. But, while possibly an unsettling moment, facing your friends after being laid off can lead to stronger relationships and even great networking.

Laid Off? How to Face Your Family When Laid Off

Being let go from a job is hard. It means having to face a lot of uncomfortable situations in life and of those uneasy moments may be facing your family. Meeting your family right after you've lost your job can be like meeting them for the first time because life has changed and you're not the same person you were before this trauma. But, while possibly uncomfortable, facing your family after being laid off can be empowering and supportive.

Bobcats officially laid off Dampier

Early morning of September 15 Beijing time, according to U.S. media reports, the Bobcats already in formal decision this morning, cut the team's center player Eric - Dampier, Dampier in the cut after the Bobcats succeeded their total salaries fell below the luxury tax levy.

Take some time off before you plunge right back into the work world. You will look and feel fresh and not tired and bitter.

5. Keep an open mind and ear to opportunities. Many people have taken this time to look at opening their own businesses or do some consulting work. You may also expand your horizons to another career that you have always been attracted to. If you have always had an itch to start your own business, this will look like a ripe time to examine whether you are up for it. Many local chambers of commerce have business plan workshops and start up incubators to help you get off the ground and support you along the way.

Whether you retire or not depends on your personal situation. Don't let a lay-off get in the way of your long term retirement plans. The 5 easy retirement solutions above can help guide you through some basic decisions you will have to make and keep you on the road to financial independence, and early retirement.

Article Source: http://distribution.ezinemark.com/5-easy-retirement-solutions-for-the-recently-laid-off-4efecedd94a.html

Author Box

Fern Alix LaRocca has 1 articles online

SHARE: Del.icio.us Digg Mixx Yahoo! Facebook Linkedln

Add New Comment

5 Easy Retirement Solutions For the Recently Laid Off

retirement calculator retirement planning dazed and confused soundtrack easy recipes retirement calculators dazed and confused magazine easyjet dazed and confused the movie time warner cable time zones

Laid Off Employee Healthcare Benefits

Publisher: Robert R Norris

Some of the laid off employees thus need to have wise major decisions figuring out on how to continue the mortgage payments.

Did You Get Laid Off Recently? Here Are Some Key Principles to Help You Survive the Job Hunt

Publisher: DeAnna Troupe

If you're reading this article you may be one of the thousands of people who got one of those pesky pink slips recently. If this is the case for you, I'm truly sorry that happened to you. It's never fun to lose a job. Here are some principles to help you maintain your sanity as you start your quest to find a new job.

Laid Off at 50

Publisher: Eric Parson

You have worked most of your adult life. Maybe you have been with the same company or business for years. You know the economy is bad, but you think that your experiences will save you. Then the worse thing happens you get laid off at 50.

Retirement

Publisher: BISS

When you are learning regarding one thing new, it is easy to feel overwhelmed by the sheer amount of relevant info available. This informative article ought to facilitate your target the central points.

Early Retirement

Publisher: Dominick

Coming up with and saving for retirement could be a serious financial issue for many of us. We spend years building our nest egg, with the goal of getting into retirement financially and psychologically prepared. However, typically retirement arrives ahead of planned on.

Laid Back Holidays in Majorca

Publisher: Cornelius Marsh

Remember when holidays used to be relaxing? Somewhere along the way this has gotten lost, and now they are all about dashing to as many places as possible to ensure you see the requisite sites. Or they are about a bevy of screaming kids who refuse to let you relax and read your book for even a moment.

Laid Off? What About Internet Marketing?

Publisher: Eric Parson

Have you been laid off? Internet Marketing is a business that can be very profitable. You can work from home and be your own boss. You do need to have the knowledge and tools to do this right. It can be done and there are courses on the internet to teach what you need to know.

The Best-Laid Plans

Publisher: Dave Ford

No one likes to think about a time when they might need long-term care. However, about 60% of individuals over the age 65 will require some long-term care services.

What to Do If I Am Laid Off? Online Solutions to Get Back on Track

Publisher: Hale Frison

Job security has become an illusion these days. And you're one of those people who've just been laid off from their job. Discover practical solutions to get back on track, especially if you have some Internet-related skills.

Laid Off During the Recession?

Publisher: Sean R Mize

It started off as a regular morning. You got up, had your daily fix of caffeinated Columbian goodness, wolfed down a bagel sandwich from Dunkin Donuts on the road and strolled into your office with your briefcase in one hand and cell phone in the other-only to have the boss come by and tell you (without nearly enough regret) that you've been laid off and you only have two weeks to find another job. Unfortunately, hundreds of people are going to find themselves in this position as the economy continues to take a downturn.