Retired in America

Your Guide to a Confident Retirement

  • Home
  • Personal finance
  • Retirement Life
  • Saving & Spending

10 Crucial Things to Consider If You Plan on Retiring in the Next 5 Years

November 24, 2020 · Retirement Life

When it comes to retirement, people usually start thinking about it years before. This allows them to make plans, projections, save money and explore possibilities before leaving the workforce for real. Unfortunately, no matter how much you plan for the future, life sometimes gets in the way and throws sometimes unexpected at you – like a global pandemic that severely affected the economy and financial markets all over the world.

This prompted a very reasonable question: If I am already approaching my retirement age, should I just move up my retirement date? It’s definitely something to consider, especially since we don’t know when the U.S. market and economy will fully recover. Something else to ponder on when making a decision is the fact that companies have hit by the pandemic and have to make cutbacks. For this reason, many employees – even those under 50 – are given the opportunity to retire earlier. Should you take this opportunity as well?

To help you decide whether retiring now, amid the coronavirus pandemic, is a good idea or not, here are ten crucial things you should consider first.

Are you currently working?

This is probably the most important question that needs to be answered. Given the extremely high rate of unemployment caused by the coronavirus crisis, millions of people are currently without jobs. In fact, as of April 16, about 22 million people in the United States claimed unemployment insurance in the previous four weeks, with numbers rising to record highs in July, according to the Labor Department.

A mature man working in a high-end home office, looking reflective.
A man thoughtfully reviews financial charts on his laptop to ensure a secure and stable retirement.

Why it’s important

Long story short, if you are among the unfortunate people to have lost their jobs because of the COVID-19 pandemic, your situation is not that good. That’s because, apart from not having a current job, the fact that you are five years away from retiring might make the job-hunting process a bit more difficult.

If you’ve still kept your job despite all the economic turmoil, staying on the original course might prove to be a little easier. However, if you’ve just received your termination papers and your professional field doesn’t exactly abound in new job opportunities or allows you some sort of flexibility, you might also need to rethink your plan.

RELATED: 10 Best Work-From-Home Jobs for Retirees to Boost Their Income

Pages: 1 2 3 4 5 6 7 8 9 10

Share this article

Facebook Twitter Pinterest LinkedIn Email

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

Latest Posts

  • Senior woman working on a laptop resting on a lap desk while seated comfortably in an armchair with an ottoman. 11 Side Gigs Perfect for Retirees With Mobility Limitations
  • A woman sits at a wooden table reviewing financial documents and account statements beside a window and bookshelf. 9 Things to Do With Inherited Retirement Accounts
  • Senior couple in a sunlit living room with large windows, one looking outside and one browsing a wooden bookshelf. 8 Reasons Retirees Are Choosing Co-Ops Over Condos
  • A smiling senior vendor weighing produce on a hanging scale for a customer at a sunny outdoor farmers market. 7 Part-Time Jobs at Farmers Markets and Local Fairs for Seniors
  • Mature man reviews Social Security paperwork and a US passport at an outdoor table overlooking a coastal European city. 7 Social Security Rules for People Who Worked Overseas
  • An older woman talks with an adult woman across a sunlit wooden table set with tea and a notepad. 10 Things Retirees Wish Their Kids Knew About Their Finances
  • A senior couple with luggage stands on an outdoor train platform, checking a travel brochure beside a passenger train. 12 Places Where Retirees Can Afford Both Rent and Travel
  • Mature woman sitting thoughtfully at a wooden table with financial papers, an open planner, glasses, and a steaming mug. 7 Retirement Account Rules That Changed Recently
  • Senior couple walking arm in arm along a brick sidewalk past a bakery, bookstore, and cafe table with coffee. 11 Signs You've Chosen the Right Retirement Town
  • Older couple reviewing tax returns and moving paperwork at a table with cardboard boxes stacked behind them. 7 Tax Surprises for Retirees Who Move Across State Lines

Newsletter

Get retirement planning tips, savings strategies, and lifestyle insights delivered to your inbox.

Related Articles

An active senior couple walks through a modern, landscaped 55 plus community featuring contemporary architecture and a fitness center.

Why More Retirees Are Choosing 55+ Active Adult Communities in 2026

Discover why modern 55 plus communities are attracting a record number of retirees in 2026,…

Read More →
A retired couple enjoying coffee in their bright, modern, and uncluttered downsized kitchen with soft morning light.

8 Monthly Bills Retirees Successfully Cut After Downsizing

Discover the hidden financial benefits of right-sizing your home in retirement and learn which eight…

Read More →

18 Surprisingly Affordable Retirement Destinations You’ve Never Considered Before

A couple uses a magnifying glass and pencil to find affordable retirement destinations on a…

Read More →
Active seniors laughing together at a sunny outdoor waterfront cafe during golden hour.

15 Best Retirement Cities With the Most Seniors

Discover the top 15 U.S. cities with the largest senior populations, offering specialized healthcare, tax…

Read More →

Top 13 Retirement Destinations of 2020

As costs for retirement seem to be on the rise, more and more seniors are…

Read More →

25 US Cities With the Highest Percentages of Working Seniors

Maybe it’s the high cost of living, the need to remain active or simply professional…

Read More →

7 Most Important Non-Financial Assets for a Fulfilled Retirement

As you approach retirement, you’ll want to make sure everything is in order with your…

Read More →

14 Amazing Travel Locations For Over 60s

Now that you’re retired, you can enjoy the best trips of your life. While you…

Read More →

5 Compelling Reasons to Consider Retiring Later Than Planned

There’s not a single worker in this world who hasn’t dreamed of retiring and leaving…

Read More →
Retired in America

Your Guide to a Confident Retirement

Inedit Agency S.R.L.
Bucharest, Romania

contact@retiredinamerica.com

Trust & Legal

About Us

Editorial Policy

Advertiser Disclosure

Frequently Asked Questions

Contact Us

Disclaimer

Terms and Conditions

Privacy Policy

Subscribe

Unsubscribe

Categories

  • Personal finance
  • Retirement Life
  • Saving & Spending

© 2026 Retired in America. All rights reserved.