1. Introduction
  2. Surviving Financially – for a Few Months or Longer
  3. Figure Out Which Debt to Pay Off First
  4. Will You Need a Retirement Drawdown Strategy?
  5. How to Get Health Insurance After Losing Your Job
  6. How Much Should You Pay in Life Insurance?
  7. Job Hunting for People Over 50
  8. Resumes and Interviews
  9. The Bottom Line
  10. DCF Analysis: Introduction
  11. Advanced Bond Concepts: Bond Pricing

Have you “retired” due to a layoff in your 50s or 60s? For some people that may be a perfectly fine age to retire. But it may feel like it’s too soon if you aren’t ready to end your career or don’t have enough savings to last for the rest of your life.

You’ll need a strategy to reenter the workforce after age 50 and financially survive the layoff until you can find a new job. It must be a sound strategy because you might be out of work for a long time. You may face challenges, such as age discrimination and not being able to find a new position with the same pay or seniority. What’s more, the older you are, the more likely it is that your health isn’t what it once was, making jobs that require working long hours, traveling or enduring a long commute less desirable or even out of the question. All of this means you may need to limit your job search in ways you didn’t have to when you were younger.

If you find yourself in this distressing situation, be reassured that there are many ways you can take charge and give yourself an excellent shot at not letting this layoff have a long-term effect on your finances. Here are some strategies for making ends meet in the short term while preserving your future retirement plans and finding a new job.

Surviving Financially – for a Few Months or Longer
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Frequently Asked Questions
  1. I'm about to retire. If I pay off my mortgage with after-tax money I have saved, I can save 6.5%. Should I do this?

    Only you and your financial advisor, family, accountant, etc. can answer the "should I?" question because there are many ...
  2. My wife and I both converted our Traditional IRAs to Roth IRAs over a decade ago and have invested the maximum allowed each year since. We're buying our first home soon. Do we both qualify for one-time, tax-free, $10,000 distributions?

    You and your spouse each qualify for a penalty-free distribution of up to $10,000 for the purchase, acquisition or construction ...
  3. Is a Thrift Savings Plan (TSP) a qualified retirement plan?

    Take advantage of the government's retirement plan for employees with the Thrift Savings Plan. As with a 401(k), contributions ...
  4. Who manages the assets in a Roth 401(k) account?

    Learn how to personally manage the assets in your Roth 401(k) plan and determine the best options available to help meet ...
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