Coronavirus Economy Forcing Experienced Workers to Weigh Prospects of Early Retirement
The coronavirus fallout means some experienced workers will likely be forced into an early retirement as companies look to make cuts.
Larry Flynn is a Senior Partner and Financial Advisor at Centennial Wealth in Traverse City. He says people have already come to him asking questions about handling the prospects of an early retirement.
“Some want to take the buyout in hopes they can just get another job but I try to tell them to be careful of that because we came into pre-pandemic it was only 3.5% unemployment. Even if we get back to the recovery we think we’re going to have we could be looking at 9-10% unemployment,” said Flynn.
Michigan Works says workers shouldn’t be afraid to reach out and ask for help, if they suddenly find themselves searching for a job for the first time in a while.
“We can kind of help you spiff up your resume and get it ready for today’s job market, we can help workers and potential job seekers interview, they can practice interviewing with us. It seems scary but again, there are ways to get through it,” said Lisa Schut, Regional Director at Northwest Michigan Works.
And Flynn says don’t be afraid to try and negotiate to keep your job, especially if you’re not financially ready to stop working.
“Right now they’re trying to make cuts maybe you go to management and say I really need this job, I really want to keep this job, can we consider dropping down to 3 days a week, maybe can we consider dropping my wage a little while the company recovers,” said Flynn.