Gulf Coast Spotlight: Burns Estate Planning ‘What to do if you lose your job before retirement’

MOBILE, Ala. (WALA) - Chris Burns from Burns Estate Planning joined us in our Gulf Coast Spotlight to discuss what to do if your lose your job before retirement.

The following questions and answers were provided by Burns Estate Planning:

Anchor: Good morning Chris! We’ve seen some layoffs occur in the beginning of 2024- My question is, what if this were to affect someone who was getting ready for retirement? How would they navigate this change in course?

Chris: Good morning! Of course, there is no “one size fits all” - everything is dependent on that person’s specific scenario. However, there are some general tips I would recommend for the current economic outlook. First off- do you need to go back to work?

Anchor: Good point! Maybe you saved enough where you could stay retired or work part-time. What is the best way to figure that out?

Chris: We need to analyze where your future income is going to come from, how much you are going to need, and whether or not it is feasible for you to remain out of work. These calculations also require tax considerations, inflation adjustments, special security, and all kinds of other data-points like factoring in your spouses plans.

Anchor: That makes sense. What do you tell the person who is ready to retire, but probably doesn’t have the ability to do so yet?

Chris: Part of what we do is help people make decisions, by showing them the most-likely outcomes with data. Ultimately, people have to decide on their own whether or not to go back to work and save a little more, or try and make their retirement work with what they have.

https://burnsestateplanning.com/

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