Near-retirement workers recently laid off face choices to protect savings.

Experts advise reassessing finances after a layoff, avoiding early retirement-account withdrawals when possible, and considering bridge work; Social Security can be claimed from age 62, with full retirement age 67 for those born in 1960 or later and higher benefits for delays up to age 70.

Being laid off close to planned retirement can be unsettling and may require changes to timing and income expectations. The article reports that experts recommend addressing the emotional shock first and then taking a clear look at assets, expenses, and income sources. It notes several financial rules and options that often matter for people in this situation. The piece also highlights health coverage and Social Security timing as important considerations. Key points: - A layoff near retirement often prompts reassessment of the retirement timeline and savings needs. - A financial planner quoted in the article recommends addressing emotions first and reviewing savings, expenses, and any employer-provided benefits. - Withdrawals from retirement accounts before age 59½ can trigger taxes and penalties and reduce future compound growth. - Social Security can be claimed as early as age 62; full retirement age is 67 for those born in 1960 or later, and delaying past full retirement age increases benefits by roughly 8% per year up to age 70; repayment of benefits within a year is possible if one changes their mind about claiming early. - Continuing employer coverage through COBRA may be an option but can be more expensive and may include an additional 2% fee; many people are advised to compare available health plans and subsidies. Summary: A layoff close to retirement can change expected income and the timing of retirement. The article reports options such as delaying withdrawals, seeking part-time or consulting work to bridge income gaps, comparing health coverage choices, and considering IRAs. How any individual proceeds is undetermined at this time.