Liz Weston: Suddenly retired? Here’s what to do next
The IndependentFor free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The share of unemployed people not looking for work who called themselves “retired” increased to 60% in April from 53% in January, according to a study by three economists The study was done in the early days of the pandemic, well before tens of thousands of businesses nationwide closed permanently and others began offering early retirement packages to trim their workforces. Your “must-have” expenses should include health insurance, says Catherine Valega, a certified financial planner in Waltham, Massachusetts. MAKE INFORMED SOCIAL SECURITY CHOICES Social Security may be your largest source of income during retirement, and research shows most people would be better off delaying their applications to maximize their checks. That’s not always possible, of course, but often financial planners recommend tapping other retirement funds first if that allows people to delay drawing on Social Security.
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