What to Do When Facing a Forced Retirement

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For whatever reason, forced and early retirements do happen. What should you do? Sean talks through some strategies to make sure the transition is as smooth as possible.

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The View From The Pinnacle

For whatever reason, forced and early retirements do happen. What should you do? Sean talks through some strategies to make sure the transition is as smooth as possible.

Apple PodcastsGoogle PodcastsPlayer EmbedShareLeave a ReviewListen in a New WindowDownloadSoundCloudStitcherSubscribe on AndroidSubscribe via RSSSpotify

Click the timestamps below to fast forward to certain points of the episode.

Thing’s You’ll Learn Along Today’s Journey

What does Sean say to clients when someone calls with the news that their company is being downsized? It’s important to be proactive in this scenario. Sometimes it comes down to whether or not you want to volunteer to take severance early. Or other times, you don’t have much choice in the matter. On today’s podcast, we talk about what to do when facing a forced retirement.

Ask the important questions to help you navigate this pivot from your original plan. Do you have enough income coming in from outside sources? What are your needs? Can you live without going back to work?

Consider the long-term planning. Depending on how early you’re retiring, are you able to access your IRA or 401(k)? Or do you need to supplement with part-time work? Coping mechanisms for forced retirement might include part-time work or downsizing your home. You might be surprised by the freedom this provides you.

Early retirement may be a good opportunity to do a Roth conversion. Is this when you should start Social Security? Work with your advisor to consider the best timing for all of this. Sean recommends that after a forced early retirement that you take a moment to take a breath. Visualize what you want and then move toward accomplishing your goals in retirement.

Listen to the entire episode or click on the timestamps below to skip ahead.

0:24 – How does Sean celebrate the 4th of July? 

1:40 – Forced retirement unfortunately happens.   

4:11 – What ways can we cope with forced retirement?

5:47 – What kind of emotional and planning response could be triggered?

7:10 – When should you do more Roth conversions?

8:23 – What should you do first?

 

Looking Back From The Mountaintop

“The first step is sitting down and understanding: what am I working with? What’s my math problem? And then you go to work on how to solve that math problems with the investments you’ve accumulated.”

-Sean Lee

 

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MEET YOUR HOST...

For over a decade, Sean Lee has helped families reach and maintain their financial goals. As a trusted advisor, he coaches and assists his clients with their financial goals by focusing on the fundamentals and takes a practical and personal approach when working with them.

As a trusted professional in Utah, Sean has been featured in The Wall Street Journal’s Market Watch, The Deseret News, The Salt Lake Tribune and USA Today. He has also been featured as a local financial advisor on Utah’s NBC station, KSL 5.

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Questions for Sean?

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Investment Advisory Services offered through Elevated Capital Advisors, LLC, an SEC Registered Investment Advisor. Insurance products and services are offered through Elevated Financial Services, LLC.

*Guarantees provided by insurance products are backed by the claims-paying ability of the issuing carrier.

The retirement kit is provided for informational purposes only. It is not intended to provide tax or legal advice. By requesting this report, you may be provided with information regarding the purchase of insurance and investment products in the future.

Investment Advisory Services offered through Elevated Capital Advisors, LLC, an SEC Registered Investment Advisor. Insurance products and services are offered through Elevated Financial Services, LLC.

*Guarantees provided by insurance products are backed by the claims-paying ability of the issuing carrier.

The retirement kit is provided for informational purposes only. It is not intended to provide tax or legal advice. By requesting this report, you may be provided with information regarding the purchase of insurance and investment products in the future.