The financial risks of an unexpected early retirement
Pandemic-driven "Great Retirement" sparks a conversation
A couple weeks ago, this newsletter featured a PBS NewsHour story on the Great Retirement - the impact that early retirement forced by the pandemic has had on millions of older workers.
The story caught the eye of my friend Marc Miller - yes, you got that right, Marc Miller, although he spells his name with a C, not a K. Marc is a career coach who specializes in advising older workers, and he works with clients often who are struggling with unexpected job loss late in their careers. Since this is a topic I write about frequently, Marc invited me to join him on his podcast for a discussion.
I’m posting the resulting conversation today. Among the questions and issues we discussed:
Will older people who left the workforce early due to COVID-19 want to return after the pandemic? And, will they be able to do that?
What are the economic risks of premature retirement?
What the risks in relying on the recent booming stock market to fund extra years of retirement?
If you’re dealing with these issues, check out Marc’s work at Career Pivot. He moderates a very interesting online forum there for older workers, and you can find all of his podcasts and other online resources.
What I’m reading
A two-year experiment in changing how we work . . . Her husband wanted to die, and she heard his wishes . . . The Labor Department wants to investigate crypto in retirement plans . . . As President Biden proposed, Medicare needs the ability to negotiate drug prices . . . More employers are moving retirees to Medicare Advantage as they seek to reduce costs . . . New IRS rules on inherited IRAs force paster payouts . . . Generation X volunteers want to help you, and one day themselves, age at home . . . Meet the underdog of senior care . . . Corporate employers show a bit more interest in phased retirement programs.