Layoffs Could Be Coming: What if You’re Near Retirement?

Here are some steps you can take to prepare in case you lose your job, as well as what you can do if you find yourself out of a job near retirement.

An older woman sits at her table and appears to be thinking about something serious.
(Image credit: Getty Images)

After a year of layoffs and rumors of a potential recession, what will 2024 look like for the job market? According to Randstad RiseSmart’s 2023 Global Severance report, 92% of employers are predicting more layoffs. But what happens if you find yourself out of a job right before you’re set to retire?

In times of economic uncertainty, it’s best to expect the unexpected. Even if you are confident in your current job status, planning for a job loss will set your finances up for success if it should happen.

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Tony Drake, CFP®, Investment Advisor Representative
Founder & CEO, Drake and Associates

Tony Drake is a CERTIFIED FINANCIAL PLANNER™ and the founder and CEO of Drake & Associates in Waukesha, Wis. Tony is an Investment Adviser Representative and has helped clients prepare for retirement for more than a decade. He hosts The Retirement Ready Radio Show on WTMJ Radio each week and is featured regularly on TV stations in Milwaukee. Tony is passionate about building strong relationships with his clients so he can help them build a strong plan for their retirement.