I’d like to continue the series on strategies for folks who get laid off before they are ready to retire.
Work longer than planned, but at a less stressful job: Changing careers may be a good opportunity to continue earning an income while reducing stress and improving your lifestyle. For example, if you worked as a corporate attorney at a large law firm, then switching to a not for profit organization will surely lower your income. You may need to work longer to reach your financial goals. However, you’d also be trading regularly spending 70+ hours a week in the office for a significantly improved work-life balance. This strategy may have been unthinkable at your old job, but the ability to think outside the box is essential in not derailing your financial goals. A less stressful but lower paid job will allow you to continue working without getting burned out for longer and will help you delay taking major withdrawals from your nest egg.