I planned it by getting into a company that has a 401k and a pension plan. I contribute to the max to my 401k. I also have a Roth IRA to invest myself. So far it's been good and I can probably retire with 10 years of working if I wanted to, but I'll probably work for 20 years.
It came upon us unexpectedly due to my husband's disability so my plan is to continue working until I drop over incapacitated.
The first step is to have an investment plan and time table that will meet your goals.
The second step, is being prepared to change that plan on a moment's notice.
I worked for 22 years on my last job. My plan was to retire at 62. The house would be paid for, my wife and I could draw social security and my 401K, which I had invested in an annuity with a guarantee annual growth.
I then was laid off at 59and one/half.
My wife had to quit her job because of conflicts with her supervisor.
I received a good severance and was given insurance coverage for a year. I dipped into the 401K, paid off the house, second mortgage, car, etc and lowered our monthly expenses. I manage to stretch a year's severance to about 18 months. Drawing from the annuity and the unemployment will help us finish this year and go into next year.
It is not where wanted to be, but it is where I am.
So,the best advice especially when you are nearing 60 is what would I do if I lost my job tomorrow. Finding a new job is a good option--but I have been unsuccessful. Too old, over qualified, not the right credentials, do not know a particular software product, etc.
I guess it falls back to the old Boy Scout motto--Be Prepared.
Two other basic steps is to keep your credit cards up to date, have some ready cash and be prepared to give up the dream of a summer home or that trip to Paris.
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