ROCKFORD (WREX) — Rockford financial advisor offered tips and tricks for those forced into an early retirement because of the COVID-19 pandemic.
As companies grapple with financial fallout from the pandemic, US companies offered some employees early retirement packages to avoid laying off those workers.
The pandemic brought reduced hours, furloughs and job loss to millions of Americans. For those close to retirement, the pandemic forced many into an early retirement.
Some companies like American Airlines offered employees an early retirement to avoid laying off those workers.
A Rockford financial adviser said early retirees should avoid making emotional financial decisions during this time.
"A lot of people are in a very different situation than what they thought they might be in 6 months ago," Jeff Lewis, a Savant Wealth Management financial advisor, said. "Just take a deep breath, don't make any emotional decisions and come out of it with a plan of action."
Other experts also recommend going through assets and staying on an employer's health plan if possible.