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Ways to help employees recover from a preretirement financial crisis
Workers who experience a financial setback when they are approaching retirement are advised to face the situation, stick to a budget and minimize their spending to recover from the crisis, according to this article in Kiplinger. They are also advised to develop a plan to reduce their debt, take on a side hustle for extra income and develop a claiming strategy that will maximize their Social Security benefits. Those who have a home equity loan may also consider a reverse mortgage to boost income in retirement.
