I'm 61 and have been laid off before I'm ready to retire - what can I do?

Moneywise

Tue, Jun 17, 2025, 5:35 AM 7 min read

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Getting laid off can be a harsh blow at any age. But at 61, it can be an extremely difficult thing.

Even if you’re well qualified to do what you do, employers may be hesitant to hire someone who’s perceived to be on the cusp of retirement. While age discrimination isn’t legal, it’s a pretty common thing for employers to pass over job candidates due to their older age.

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Unfortunately, it sounds like you were forced to retire before you wanted. You wouldn’t be alone in that boat. A 2024 Transamerica survey of retirees found that 58% ended their careers sooner than they had planned. Among them, 43% cited employment-related issues. The median age of retirement was 62, three years younger than the traditional retirement age of 65.

Retiring at 61 could be particularly challenging because you’re still a year away from being eligible to claim Social Security (at a reduced rate, no less), and you’re also four years away from being able to get health coverage through Medicare.

So, rather than resign yourself to a forced early retirement, you may want to explore your options for being able to continue to work.

Thanks to the booming gig economy, you may be able to go out and find work on your own terms. You could try consulting in your former field, starting a new business, or even embracing different side hustles to cobble together an income for a period of time.

A survey from Self Financial says that 33% of Americans ages 65 and over are looking into setting up side hustles. And people ages 65 and over earn an average of $581.32 per month this way. You, however, may be able to earn more if you’re passionate about what you’re doing and can dedicate more hours to it.

Another way to earn more income is through the lucrative real estate market. Rental income can potentially provide a steady cash flow that adjusts to inflationary pressures, offering a hedge against the declining value of fiat currency.

If you’re an accredited investor, Homeshares allows you to gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning, or managing property.