You’re 60 and Get Laid Off — Should You Retire or Try to Get Hired Again?

layoff at 60 creates a choice between retiring early and finding another job, but healthcare costs, Social Security timing, and retirement account access can change which path makes financial sense – Shutterstock

Getting laid off at 60 can turn a carefully planned career into an unexpected retirement decision. Before cashing out your work life for good, compare what another paycheck could buy with what leaving the workforce might cost.

The choice involves more than whether you can afford groceries without working. Your age affects access to health insurance, Social Security timing, retirement account withdrawals, and the number of years your savings must last. A severance package or unemployment benefits might provide breathing room, but neither automatically makes retirement affordable.