6 Smart Moves If You're Laid Off Before Retirement

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Nothing like a global pandemic to reinforce what we already knew: even the best-laid plans can go awry. Routines have been upended on a grand scale, and we await whatever new normal will come to take their place. Among those hit hard are older workers who have been forced out of work before they had planned to retire. For sure, lay-offs happen in normal times. But they escalate during economic downturns, and the one we're in now has been swift and severe. For people ages 55 and older, unemployment surged from 3.3% in March to 13.6% in April, according to the AARP Public Policy Institute. If you're one of the recently jobless, there are steps you can take now to mitigate the financial fallout. Learn more about them in today's edition.   Best wishes, Elizabeth     P.S. If you got this newsletter from a friend, sign up here for email delivery to make sure you don't miss the next issue. To listen on podcast platforms or smart speakers, click here. TIMELY RETIREMENT NEWS, INSIGHTS, AND ADVICE 6 Smart Moves If You're Laid Off Before You're Planning to Retire   Early withdrawals from your retirement account might not be a bad move.   People Are Rushing Off to Buy Gold    Here's what to know before you invest. Mandatory Temperature Checks Could Soon Be a Part of Your Daily Work Routine   You might not be able to refuse. RETIRE WITH MONEY COMMUNITY INSIGHTS   Correction:  last week I included a story by another outlet that misstated the health savings account (HSA) contribution limit for 2020--it is $3,550, not $3,500, and next year it will go up to $3,600. Thank you to the eagle-eyed reader who pointed out the error! RETIREMENT NEWS FROM AROUND THE WEB Listening to the Very Old   In this unique moment in history, older adults wield outsized political power but also find themselves disproportionately vulnerable to the new coronavirus. NEW YORK More Than 1 in 4 Americans Are Raiding Their Retirement Accounts After a Coronavirus-Related Job Loss   The average withdrawal was $6,757, although experts predict that number will rise. CNBC 8 Ways to Go Out and Stay Safe During the Coronavirus Pandemic   As people venture outside more, here's how to weigh the relative risks of various activities.  VOX What to Do When a Parent's Cognitive Decline Impairs Money Management   Asking this question might help encourage your parents to cooperate.  NEXT AVENUE ABOUT ELIZABETH Elizabeth O'Brien is deputy editor at MONEY. She has covered retirement and health care for nearly a decade. A Brooklyn resident and mom of two boys, she navigates the alphabet soup of Medicare and the New York City subway system with equal ease. You can email her at elizabeth.obrien@money.com and follow her on Twitter at @elizobrien.

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