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 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 these factors mean you may need to limit your job search in ways you didn’t have to when you were younger, even though you badly want to be reemployed.
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 decimate your finances or your long-term plans. Here are some strategies for making ends meet in the short term while preserving your future retirement plans and finding a new job.