4 Ways to Protect Yourself from Forced Retirement 

Older workers who were pushed out of their jobs the first month of the pandemic found it difficult to find another job.

Although there is a low unemployment rate, older workers still find it more difficult than younger workers to find a new job, and often a new position will pay less than their previous role.

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When you’re that close to retirement and you lose a few years of earning, you also lose crucial pension and retirement contributions

1. Wait Until 70 to Claim Social Security Benefits

Only 7% of retirees wait until age 70 to claim Social Security. But those who wait until 70 will be eligible for around 32% more in monthly benefits, depending on when they were born.

2. Downsize Your Home

One of the easiest ways to manage an unexpected retirement is to learn to live with a little less space. The U.S. housing market is red hot right now so if you own a home.

If you have built up equity in your house, you can sell at a profit, buy a smaller house with cash and still have money left over to extend your retirement.

3. Move to a No Income Tax State

Residents in nine states — Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming — pay no income taxes.

If you’re planning to sell your home, you might want to consider moving to one of those states to further stretch your retirement funds, Covyeau says.


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