Do you believe you will be able to retire on the date of your choice? Experience tells us that many people begin their retirement sooner than they had planned because of health reasons, actions by an employer or other factors.

How would you be affected by an early and unplanned retirement? It's best to begin preparing sooner rather than later…just in case.

Plan for an earlier, longer retirement

What if your job suddenly disappeared, taking you out of the workforce earlier than you expected? You were planning to retire at 60, but are facing retirement at age 55. Are you financially and emotionally prepared for an earlier and longer retirement?

Your financial and investment plan should address more than saving for the retirement you want. You should factor in the possibility of financing extra years of an early retirement. The unexpected could shorten the time you have to accumulate retirement savings or derail your strategy to pay off debt.

Make strategic changes now

You may be in a situation to make meaningful changes in your retirement plan long before you leave the workforce, such as accelerating retirement savings or changing your investment strategy. Your options depend on your individual circumstances.

There are also things you can do to improve your cash-flow later in life, such as:

• Downsizing to a smaller home
• Selling your home and renting
• Creating a budget that works on less income
• Working part time

Prepare for unexpected health issues

Health issues can force you leave your job earlier than planned. This may mean you won’t have the option of working elsewhere. Plus, you could face increased medical costs.

There are risk management strategies and products which can lessen the impact a health problem will have on your lifestyle and financial situation.

Talk to an advisor about your specific situation.

The information contained in this article was obtained from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete. This article is provided as a general source of information and should not be considered personal advice.