The Finance Blogger

Forced to Retire at 45!

Forced to RetireAccording to several recent studies, the age of 45 is becoming the new age of retirement in the work force, at least from a career job in large companies. The facts point to anyone being laid off that is over 45, they are going to be without a job for a longer period than someone who is younger. In effect they are forced to retire! In fact it is unlikely that they will find a job in the same field at the same pay.

The job they do find will be in a lower paying area with lower skill requirements. There may be no benefits or pension to go along with being laid off from the original job. At age 45 or older there is little time left to save for retirement. Or to save for the kids education, weddings or other major expenses that we all are faced with from time to time.

Forced to Retire – Plan as if you will Retire at age 45

This is the new reality and many people get a big surprise about being forced out, but also they suddenly realize that they do not have that many years to work before health issues fail them or other things get in the way of working. They begin to realize that they might not have enough money saved for retirement and have to scramble in order to salvage a quality of life that they expected to have. Forced to retire at age 45 is not fun at all.

Anyone reading this post is probably saying that it will never happen to me. They feel their jobs are secure. That they are protected by the union. That their companies pay into a pension, so what is the problem? A few of us will not have a problem, but a large percentage of us will have this problem, so we ask the following question?

Why not plan to retire at 45? Save for retirement as if you are going to retire at that age. Build up your nest egg and if you find yourself working until 55 or longer, then it is a huge bonus. You have a large nest egg available which gives you the flexibility to retire on your terms. Choose when to retire, when to change careers. You can decide when to change to part time work if that is what you are interested in.

Don’t wait start now. If you are already saving for retirement take a moment to assess how much you will need. When will you achieve your objective. The peace of mind you get onceĀ  you have plan is worth it’s weight in gold!

For more posts about retirement issues and ideas, click here.

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