3 Ways to Cope With a Forced Retirement
Many workers plan their retirement carefully and land on an age for leaving the workforce well in advance of that milestone. But what happens when your intentions don't align with reality?
An estimated 50% of seniors retired earlier than they would have liked, according to a new TD Ameritrade survey. Among them, the most popular reason for an early workforce exit was health issues, with layoffs being common as well.
Unfortunately, being forced into early retirement could result in some pretty dire financial consequences. Imagine you have $200,000 in retirement savings by age 62, and you're planning to contribute another $1,000 a month for five extra years. That would leave you with around $321,500 if your invested savings were to generate a somewhat conservative 5% average annual return during that time.
Source Fool.com
