As specialists in retirement planning, Dunston Financial Group was happy to work with Morey Stettner and MarketWatch on how to deal with an involuntary retirement.
“Depression is the No. 1 emotion that comes up," said Lynn Dunston, a certified financial planner in Denver. “Your identity disappears suddenly. Your pride gets hurt. You’re used to having influence in the community and then it’s gone” when you’re forced to retire."
“Then you’ll need to rethink what retirement looks like,” Dunston said. “If you can’t ski or bike, you need to be open to something else like traveling or spending more time with family. You don’t want your plans to be so rigid that they can’t be undone and redefined.”
Speaking of flexibility, allocate your assets to maximize cash flow if you must retire earlier than planned. Dunston encourages clients approaching retirement to set aside sufficient cash reserves to cover their income needs in an emergency.
“Have some intentionality in where you pull your money from,” he said. “Creating a retirement withdrawal strategy helps your assets last longer” and prevents you from, say, selling a stock at an inopportune time to cover your living expenses.
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Originally Posted over here: Dunston Financial Group and MarketWatch on How to Handle Involuntary Retirement
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