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In a prior post, we noted that retirement is not always a cut and dried, step-by-step process to prosperity. There can be a number of unexpected events that could derail one’s ability to retire at the time that the want, and with the lifestyle they choose. Because of this, we noted that an ideal retirement could almost be the luck of the draw.

But since financial calamities are essentially a matter of “when” rather than “if” it is important to know that you can deal with the bad times without worrying about losing your retirement savings.

In fact, this post will highlight three unexpected things that can come up and how you can maintain your plan…and your sanity.

Having to retire before you planned to – Indeed, most of us would like to retire early if we were financially secure, but having to stop working before you planned, especially because of a medical emergency or a job loss. In these situations, cutting costs to fit your new budget is a must. This may involve seeking part-time work, seeing about availability of Social Security disability payments or discovering if other pension income is available to you.

Having a stock market drop – As we alluded to earlier, these are bound to happen, so when they do, it may be beneficial to move money into other investments that may not react to the volatility of the market while providing a steady, yet lower, rate of return.

Not having enough investment income – This may or may not be attributable to stock market dips. But the key to withstanding problems involving investment income shortfalls is to have a diverse mix of dividend paying stocks, real estate investment trusts, and royalty trusts to supplement your income.

If you have additional questions about guarding against the unexpected, an experienced attorney can help.