I’d like to continue the series on strategies for folks who get laid off before they are ready to retire.
Assess your savings: Getting laid off unexpectedly is a good time to take stock of what you already have saved up. Set a time to meet with your financial advisor to understand expected income from your current level of assets should you need to enter the decumulation stage of your financial life today. Looking at cash flow projections, reassessing asset allocation, and determining if you need to make lifestyle changes are all important decisions to make in the event that you are not able to get back to the same income level.
It's also possible that if you spent the past few decades of your working life prudently saving and investing your funds, you may have enough assets to not need another job, or can take a position for far less pay.