An early workforce exit may have ripple effects across your financial life. What to know.
Many people dream of the days when they won’t have to work. But an early exit from the workforce—whether chosen or not—can have huge ripple effects on your financial life and health insurance.
While some workers leave their jobs because they’ve met financial goals ahead of time, the majority depart due to layoffs or health concerns for themselves or a partner. Of the 46% who reported retiring early in the EBRI survey, 35% did so due to a health problem or disability and another 31% did so because of changes at their company.
If you’re forced into early retirement and your health allows, taking on a part-time job can help bridge the gap until your planned retirement date. Even if it doesn’t cover all your expenses, part-time income could help you withdraw less from retirement accounts and delay claiming Social Security.
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