Retirement Planning Strategies for Pre-Retirement Layoffs: TIPS FOR STABILITY AND SECURITY

[Para 1: The Lead] As retirement nears and layoffs rise, individuals must protect savings and adjust timelines. Key actions include delaying 401(k) withdrawals, timing Social Security benefits to age 67 or beyond, and considering part-time work to bridge cash gaps. [Para 2: Supporting Details & Context] Financial advisors emphasize assessing savings, expenses, and severance. For those eligible, a Roth IRA can offer tax-advantaged growth. COBRA may extend coverage but with rising costs; compare options on the Health Insurance Marketplace for potential subsidies. Medicare enrollment should be planned to avoid penalties. As of December 2025, 26% of job seekers had been unemployed 27 weeks or more, underscoring the need for proactive planning.