Coronavirus Forcing Early Retirement? Here Are Your Options

With the coronavirus pandemic putting special pressures on older Americans nearing retirement, those concerned about being forced into early retirement have a number of options to consider, reports FOX 10 Phoenix . Such individuals should first take stock of their financial situation. "We want to start looking at all sources of income and assets that you have because, you might be surprised, if you put it all together you may not have a terrible situation," said Ubiquity Retirement + Savings CEO Chad Parks. When considering 401(k)s or IRAs, it may be worth the effort to adjust allocations if one's positions have been more aggressive and vulnerable to recent market turmoil. Kestra Financial's Taylor Hammons recommended that people should become more mindful of harvesting their savings rather than accumulating, and to be watchful for pitfalls of tapping retirement account balances during downturns. Parks and Hammons also agreed that individuals should know how claiming benefits at different ages will affect their overall retirement plans. Delaying collection can actually boost benefits by as much as 32 percent.