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8 Steps to Dealing with Forced Retirement

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How to Deal with Forced Retirement -
According to a new study by Sun Life Financial, more than 20% of American workers are forced into early retirement by layoffs, cutbacks, and shutdowns. In an age where pensions have gone by the wayside and the future of social security is in doubt, the report finds they often find themselves with half of the expected savings and investments they anticipated for their golden years. Reuters news service points out that the results weren’t entirely surprising: Half were the result of corporate actions with the second leading cause of forced retirement being injury and illness; it also said that family obligations were the reason ten percent of women left while only two percent of men.

In this step-by-step article, we’ll give you some great thoughts on how to deal with forced retirement. How to protect your investments, move forward, and start your new life.

The Old Paradigm of the “Company” Man or Woman is Dead

A generation ago, a man or woman could go to work for a company, have a long and fulfilling career loyally serving the enterprise. In exchange, he or she was provided with a comfortable retirement through the corporate pension system, steady pay increases, ample health benefits, along with a bevy of benefits that included assistants, free coffee, a cafeteria serving low-cost food, and other cost saving initiatives many workers didn’t fully appreciate. Today, in all but a few exceptional cases or industries, that experience is gone. This change is a result of “creative destruction”, a term coined in 1942 by economist Joseph Schumpeter.

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